PAD purchased from United Docks a plot of land of approximately 5 Ha known as the Caudan Peninsula. Their partner in this adventure was the Happy World Group, and a company, Caudan Development (CDL), was incorporated with PAD holding 80% and Happy World 20% of the shares. The land consisted principally of old warehouses occupied by a number of commercial and industrial tenants. The tenants were moved and a master plan over 4 phases was elaborated in 1993. Funds for Phase I were raised in CDL via a private placing of shares and PAD subsequently bought out Happy World’s holding. The result was that PAD retained a 60% stake in CDL, with the remaining 40% held by the public. PAD also kept the management of CDL. In 1994, construction started on Phase I, and Le Caudan Waterfront saw the day in November 1996.