Investment Solutions

Investment Solutions tailored to each risk profile

  • Core / Core +

    Investments in high-quality assets generating long-term recurring income with a modest risk profile and outperformance potential thanks to our active asset management

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    • Grand Hotel Dieu (2015)
    • Currently the largest redevelopment project of a National Heritage 1 listed building in Europe with a construction site totalling more than 51,500 sqm
    • Transformation of an old hospital closed down in 2012 that is situated in the historic heart of Lyon into a multi-use asset featuring prime office buildings, a high-end shopping centre, a museum of gastronomy, apartments, a convention centre, and a luxury 5-star hotel
    • Multifaceted and unique project that benefits from the firm’s asset management and project management capabilities
    • Piloting and coordinating the whole scheme on behalf of investor Credit Agricole Assurances, which includes:
      • Defining and implementing the global leasing and commercial strategy
      • Supervising the developer, Eiffage, and continuously ensuring optimal, cost-efficient, and necessary construction adjustments are made on behalf of the tenants
      • Garnering local political support
      • Managing and piloting the entire spectrum of involved parties and service providers
    • 1 “Classé aux Monuments Historiques”
  • Value-add / Opportunistic

    Creating value by investing at a discount in high-quality real estate assets, platforms and operating companies in need of asset repositioning or complex financial restructuring

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    • Officiis Properties (2015)
    • Controlling investment made in 2015 by a real estate fund advised by the firm in Officiis Properties, a Euronext Paris-listed office REIT
    • Portfolio comprises of five office properties in Neuilly-sur-Seine (Newtime, Think and Imagine), Nanterre (Magellan), and Marseille (Salengro) totalling 46,900 sqm and presenting multiple challenges at acquisition including high vacancy rates, a poor image, overleverage and incoming debt maturity
    • Completed a complex financial restructuring ensuring the REIT’s viability: friendly takeover including recapitalisation (issue of shares and convertible bonds), share purchase, discounted loans acquisition and bank debt refinancing
    • ~€90m equity investment with a ~60% bank debt LTV
    • Successful property repositioning benefiting from our full range of integrated services: asset management, property management and project management
      • Commercial and marketing repositioning
      • Signing of 18 new leases on Newtime, Imagine and Think, bringing their occupancy level from 28% to 99% 1
      • 10-year firm lease signed with the city of Marseille for the whole of Salengro
      • Full refurbishment of Think led by the firm’s project management team
      • Disposal of the Ecosphere Campus (Newtime, Think and Imagine) for total net proceeds of 313 M€
    • 1 As at January 2020
  • Real Estate Debt

    Creative financing solutions leveraging our financial and real estate expertise to offer attractive returns while benefiting from structural capital protection

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    • Spazio (2019)
    • €22m junior financing for the acquisition of the Spazio building in 2019 by the German fund Blue Colibri
    • High-quality 36,500 sqm office building delivered in 2008 and benefiting from exceptional visibility in the well established business district of Rueil-Malmaison (Paris Western suburb)
    • Significant capital protection:
      • First-class tenant (Total) established in the building since its delivery and having signed a new long lease in 2017
      • Substantial debt yield of 9.1% based on market rent at origination
      • Conservative debt level of €3,730 psm, compared with average transaction levels of ~ €7,000 to 8,000 psm

Full range of management services covering the entire value chain

  • Acquisitions

    • Conducting research, market and technical analyses of potential acquisitions
    • Establishment of business plans and cash flow models
    • Sourcing of financing
    • Executing and negotiating all aspects of transactions
  • Asset Management

    • Crafting and implementation of leasing strategy and technical repositioning
    • Optimization of operating margins
    • Monitoring of property management
    • Optimization of capital structure
    • Implementation of disposition strategy
  • Property Management

    • Collecting rents and service charges
    • Technical management
    • Administrative and budget management
    • Accounting and reporting
  • Project Management

    • Advising investors on technical aspects of acquisitions
    • Providing monitoring and certification of ongoing and completed construction work
    • Piloting heavy refurbishments for owners and renovations for tenants