Swiss retailing group, Jelmoli, has received the go-ahead from local authorities to build a SFr111 million ($63.5 million) shopping centre in Geneva.
Robert Kaenzig, secretary of the Jelmoli board, said the group had so far paid SFr31 million for the construction rights and would have to invest another SFr80 million in the construction, which starts in December.
He added that there would be some financing costs in the 2001 financial results but the impact would be small.
The "La Praille" shopping centre is due to be opened in the third quarter of 2002. It will be connected to the new 30,000-seat Stade de Geneve stadium.
Jelmoli said 80 per cent of the store space in La Praille had already been rented out. The centre will have 30,000 square metres on three floors as well as 950 parking places.
swissinfo with agencies