September 14, 2017 / 5:22 AM / in a year

French property group Icade eyes boost from Paris Olympics

PARIS, Sept 14 (Reuters) - French property company Icade said on Thursday that the decision to host the 2024 Olympics in Paris should deliver a boost for its business, as it also announced new contract wins.

After three failed bids and the withdrawal of its chief rival Los Angeles, Paris was chosen on Wednesday to host the summer Games seven years from now.

Icade said the Paris 2024 Olympics would allow it to step up its development of certain projects in the north of the French capital.

“The introduction of Tram Line T8 represents another major advantage for Icade’s Commercial Property Investment Division—it will positively impact close to 60 percent of its development pipeline and an additional 350,000 square metres of its land bank,” Icade added in a statement.

Paris, with a Games budget of 6.8 billion euros ($8 billion), had failed with previous attempts to land the 1992, 2008 and 2012 Olympics. ($1 = 0.8421 euros) (Reporting by Sudip Kar-Gupta; Editing by Muralikumar Anantharaman)

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