Ownership of the R4 “art city” on the Île Seguin, a former industrial island in the Western suburbs of Paris that once housed the Renault car factory, is changing hands. In an administrative situation that was already delicate, made even more complicated by the legal troubles of its chief investor Yves Bouvier, the massive real estate development has found a new backer in the Emerige group.
In a joint press release, Nelly Wenger, who was the head of the R4 project, and Laurent Dumas, president and founder of Emerige, announced they have reached a takeover agreement. The holding company EuroAsia, chaired by Bouvier, sold the entirety of its stake in R4’s property-owning company to the Emerige group and its financial partner, Addax and Oryx Group Limited (AOG).
While no figure has been given—neither for the sale, nor the sums that must have been spent to restart a project that has been stalled for years—both parties have guaranteed the “continuation of the cultural vocation” of R4.
Initially, the mixed-use site designed by the architect Jean Nouvel was due to house an auction salesroom, art galleries, an exhibition space, storage space and offices. The Emerige Group told our sister paper Le Journal des Arts that the details are yet to be finalised. The original budget planned by Bouvier was over €100m, but more than €15m has already been spent.
Work at the site has often had to stop due to claims filed by multiple groups. As reported by Le Journal des Arts in April, the latest construction permit was due to be filed in June, but an ongoing negotiation pushed back the deadline until this autumn. Given the legal issues that need to be resolved, construction is not due to resume before next spring.
Speaking to our sister paper Le Journal des Arts, Wenger said that he had been in contact with three potential buyers for several months. He added that, as a collector who has become increasingly visible in the contemporary art scene in France, Dumas was delighted to take control of the project.
