Luxury tycoon Arnault to revamp Paris museum
[PARIS] French luxury goods tycoon Bernard Arnault is expanding his art museum empire with plans to renovate a disused public building near his landmark Louis Vuitton Foundation on the outskirts of Paris.
The Musee National des Arts et Traditions Populaires, built in 1972 but sitting vacant since 2005, is to be turned into a multi-cultural arts and crafts center in a 158 million euros (S$235.89 million) revamp by architect Frank Gehry.
Mr Gehry also designed the Louis Vuitton Foundation building, which stands 300 metres away on the edge of the Bois de Boulogne woods.
The investment was due to be announced later on Wednesday by Mr Arnault, owner of luxury group LVMH, in the presence of President Francois Hollande, Paris Mayor Anne Hidalgo and Culture Minister Audrey Azoulay, a source close to the matter said.
Mr Gehry, whose Louis Vuitton Foundation building opened in 2014, will create a a cultural centre with an arts and crafts focus, featuring a concert hall and workshops for a 50 year-concession granted to Mr Arnault by the City of Paris.
Paris officials last year renewed LVMH's concession for the Jardin d'Acclimatation amusement park behind the disused museum site, opening the way for a renovation of the garden and its attractions.
LVMH, which has managed the park since 1984, holds an 80 per cent stake in a partnership with Compagnie des Alpes , a theme parks and ski resorts developer. The concession contract runs for 25 years.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Australian budget to target housing woes with more construction workers
UK construction growth hits 14-month high in April, PMI survey shows
KKR buys 14 hotels in Japan, converts them to midscale Sheraton properties
Abu Dhabi developer Aldar picks banks for 10-year green sukuk
UK house prices stagnate in April as higher mortgage costs bite
When buying a home is treated as a national security threat