Bricks Commercial real estate Financé

Ce projet est clôturé. L'analyse ci-dessous reflète les informations disponibles au moment de la souscription et n'a pas été mise à jour.

Portefeuille Hôtels Sociaux - JLS

Average

score / 100

Yield

9%/yr

Duration

48 months

Min. ticket

10 €

Amount raised

1.1 M€

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À propos

Obligatory bond financing of 1,098,000€ for acquisition of five hotel business transfers (social accommodation) located in Chateauroux, Saverne, Rennes and Toulouse. Issuer JLS (Jean-Luc Cohen & Laurent Abadi-Bousbaci) raises funds via Bricks to finance its contribution share as current account capital in acquisition company GROUPE H.E.S. Main security is first ranking pledge over hotel business ZYNND (Paris 1st arrondissement, acquired outright 1,160,000€ in April 2025). Duration 24-48 months, rate 9% per annum paid monthly.

Plateforme · 19.0/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF licence in valid force, fonds propres-2023-8 licence
Maximum applicable score

A2 · Track Record 5.0/6bon

Default 0% → 6/6
Delay 5.38% (threshold 5-15%) → 4.5/6
Net return 7.78% vs 10% announced, gap 2.22pp below lower bound → 1.5/6
Weighted score: (6×0.5)+(4.5×0.3)+(1.5×0.2)=4.65 → rounded 5

A3 · Rigueur de sélection 2.0/4

Selection process not detailed publicly, selection rate not published
Implicit mention of a process via agrément AMF licence
Score 2/4

A4 · Santé financière 2.0/4

Independent platform in strong growth (141M€, no.1 FR 2025)
Forced stoppage 7 months (Dec 2022-Jul 2023) and registre ORIAS deletion resolved
No identified institutional shareholder
Viability confirmed but regulatory history weighs
Score 2/4

A5 · Protection investisseurs 2.0/3

agrément AMF licenced → mandatory reflection period 4 days + Capsens continuity plan documented → 1 pt
Segregated accounts legally mandatory under agrément AMF → 1 pt
Secondary market not mentioned → 0 pt

Projet · 33.0/75 (38.0 brut, red flags −5)

B1 · Instrument & Structure 7.0/10

B1.1: 5/5 - Simple obligation fixed rate, clear French law

B1.2: 1/3 - Loan by JLS SAS, but funds transit via CCA to acquisition société dédiée (SPV) GROUPE H.E.S., multi-level structure lacks transparency

B1.3: 1/2 - No senior debt formally registered as at date, de facto ranking but not registered

B2 · Opérateur & Track record 7.0/15faible

B2.1: 3/4 - Jean-Luc Cohen and Laurent Abadi appointed with functions, partial verifiability

B2.2: 2/5 - One hotel asset held (ZYNND, 2025), documented hotel experience limited

B2.3: 0/3 - First operation on Bricks

B2.4: 2/3 - No insolvency procedure identified, JLS and holdings balance sheets partially documented

B3 · Garanties & Sûretés 8.0/15

B3.1: 6/9 - First ranking pledge over ZYNND funds (1.16M€, free of encumbrance), plus pledge of GROUPE H.E.S. shares (ranking uncertain vs senior), plus joint and several guarantees from holdings and personal guarantors

B3.2: 1/4 - GS HOLDING capital 1.14M€, gearing unknown; CMJL INVEST capital 360K€; balance sheets not provided

B3.3: 1/2 - Senior bank debt mentioned but bank unnamed and amount unfixed

B4 · Structure financière 9.0/15

B4.1: 3/5 - Crowd 1.098M€ / total cost 3.5M€ = Loan-to-Cost (ratio prêt/coût total) 31.4%, excellent

B4.2: 2/4 - Equity contribution by partners completes structure, exact amount not specified; senior bank debt principal

B4.3: 2/4 - ASE conventions in course of finalisation, revenues not yet contractualised; very low Loan-to-Cost (ratio prêt/coût total) partially offsets

B4.4: 2/2 - Target IRR not specified but social accommodation model has structural demand

B5 · Pré-commercialisation 3.0/10faible

Promhotel/Herbjotel conventions secured for 3 hotels; ASE conventions for 2 Chateauroux hotels in course of finalisation
No final signed lease presented
Social accommodation market has structural demand but contractual commitment partial

B6 · Permis & Maturité 2.0/5faible

Acquisition not yet completed (business transfer under implicit undertaking)
Prior declarations not mentioned
ZYNND funds acquired but portfolio hotels not yet formalised

B7 · Marché & Localisation 2.0/3

Score adjusted thanks to live data: ZYNND guarantee in Paris 1st arrondissement, rising Paris hotel market, record RevPAR H2 2025, occupancy 80.7%
Hotels operational in secondary cities (Chateauroux, Saverne) - more uncertain but diversified market

⚠ Alertes détectées · −5 pts déduits

Pas de financement bancaire −5 pts

Total operation amount 3.5M€ > 2M€ - senior bank unnamed, amount unfixed as at fundraising date

Points forts

✓Very low LTC (31%) on total operation cost 3.5M€

✓ZYNND guarantee Paris 1st arrondissement acquired outright 1.16M€, free of any encumbrance

✓Social accommodation: structural demand little dependent on tourism

✓First ranking pledge over business transfer plus pledge of acquisition SPV shares

✓Geographic diversification over 5 establishments in 4 cities

Risques identifiés

!ASE conventions for Chateauroux hotels in course of finalisation - revenues not yet contractualised

!Senior debt amount and bank unfixed as at date - ranking of future obligatory pledges uncertain

!Balance sheets of GS HOLDING and CMJL INVEST not provided - solidity of guarantors not verifiable

!First operation by Cohen/Abadi team at this scale - documented experience limited

!Funds transit via JLS → CCA → GROUPE H.E.S. → sellers: multi-level structure with dilution risks

⚠ Avertissement sur les risques

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