1. Clubs deals Hotels
Acquisition of hotel properties.
Targets focused on the 3-star range.
Assets with 5 year valuation potential.
Dedicated club deals over 5 years (eligibility 150 0 B TER).
Performance : TRI > 12%
- A risk premium rewarded by a higher yield than conventional real estate
- Optimized management by hotel professionals
- Protection against inflation
- Capacity expansion (work, renovation, signage, etc.)
- Improved operating ratios (yield management, group policy)
- Moderate use of bank leverage
- Target portfolio of a dozen assets over the next 3 years
Clear, efficient investment criteria
- 75 % Régions / 25 % IDF
- Balanced urban locations (shops, services)
- National and international tourist destination
- Regional metropolis > 100,000 inhab.
Economy and mid-range hotels focused on 3-star standards
Size from 50 rooms to 150 rooms
Main land and buildings: 75%.
Subsidiary funds only
Walls alone on an opportunistic basis
Versatile team
Acquisition/financing/works,
Management and yield management
Direct management by a dedicated team
2. Rebond real estate club deals
Opportunistic value-added investments
All types of real estate
Dedicated club deals over 5 years (eligibility 150 0 B TER).
Target IRR between 8 and 10%.
Revisited value-adding strategies
Short term 4 to 7 years
Capped performance: 7 to 10% IRR Eligibility 150 Ob ter, depending on assets
No restricted area
Moderate leverage
No excessive risk (PC, heavy work, leverage, duration)
Renovating and transforming for greener living
The break in interest rates is not affecting all real estate segments at the same time and to the same extent.
Unique structural contexts (undersupply, solvency of players, financial strength of buyers and sellers, structural changes, etc.).
The time for pure value-added is past, with a few exceptions: very heavy work, high debts, administrative hurdles, etc.
Reduce risk without sacrificing the ability to outperform buy-to-hold investments
Adapt strategies to asset types (commercial vs. residential) Capitalize on lower acquisition prices
Specific asset management in manage to core
- Invest in well-located, “re-purchased” block properties: €6-7k vs. >€10k per m2
- Improve the rental situation (renovation, rents, etc.)
- Resell as a whole or cut according to the market's forward rebound
Optimize rental income, vacancy, rents, flexoffice, renovation, green labels, etc. Modular according to asset type
Arbitrating in market momentum