Investment Solutions

Investment Solutions tailored to each risk profile

  • Core +

    Investments in stabilized assets with secured income where value can be unlocked through 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

    Investments in high-quality assets and operating companies capitalizing on financial dislocations and transformational trends. Focus on undermanaged assets with the goal of repositioning them and maximizing their value, as well as assets with high growth potential.

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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

    We leverage on our real estate and financial expertise to provide creative financing solutions across the capital structure, generating 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