Baltis 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.

Puzzle Morzine — Projet Morzine

Average

score / 100

Yield

12%/yr

Duration

48 months

Min. ticket

—

Amount raised

1 M€

Invest →

À propos

Co-investment in preference shares in the rehabilitation of a hotel-club at 1,600 m altitude at the top of the Pléney cable car in Morzine, transformed into a 4-star lifestyle hotel with 81 rooms four-season operation. Operation structured by Magellim REIM (SGP AMF-licenced), operator LHTP (7 hotels, 43M€ revenue), BpiFrance co-investment 3M€. Fundraising of 1M€ via Baltis PSFP in the form of Puzzle Morzine shares (SPV), building permit obtained and cleared.

Plateforme · 19.0/25

A1 · Statut réglementaire 8.0/8✓ max

Baltis holds the agrément AMF AMF licence (fonds propres-2023-19), currently valid in the AMF register
Maximum applicable score

A2 · Track Record 3.0/6

Platform statistics partially published
Delay rate >90 days estimated at 15-25% (portfolio majority promotion immobilière, market 2023-2024 under pressure)
No definitive default documented publicly to date
Actual return versus announced return not officially confirmed
Penalty applied for opacity of aggregated data
Score adjusted for caution: default ~0% (4.5pts×0.5=2.25) + estimated delay 15-25% (3pts×0.3=0.90) + return N/C (0pts×0.2=0) = 3.15 → rounded 3/6

A3 · Rigueur de sélection 2.0/4

Baltis mentions a selection process (committee, financial analysis) on its website but does not publish a quantified selection rate
Process described without verifiable quantitative data

A4 · Santé financière 3.0/4bon

Independent platform, operational since 2018, active fundraising in 2024-2025, no platform distress signal identified
No listed institutional shareholder but existence >5 years and operational continuity confirmed

A5 · Protection investisseurs 3.0/3✓ max

agrément AMF AMF licence → 4-day reflection period + mandatory continuity plan (1pt)
Segregated account via third-party payment service provider (Mangopay, 1pt)
No secondary market documented to date but collateral recovery mentioned in terms and conditions (1pt)

Projet · 31.0/75 (36.0 brut, red flags −5)

B1 · Instrument & Structure 4.0/10faible

B1.1: 1/5 - Instrument preference shares/equity, no bonds

B1.2: 2/3 - société dédiée (SPV) SAS Puzzle Morzine dedicated, clear French law

B1.3: 1/2 - Rank not registered, no documented senior debt

B2 · Opérateur & Track record 9.0/15

B2.1: 3/4 - Alexandre Toussaint appointed president of Baltis, LHTP/Matthieu Evrard identified; partial profile

B2.2: 4/5 - LHTP 7 hotels 43M€ revenue, Magellim REIM 3Bn€ assets under management 54 club deals, solid

B2.3: 1/3 - 2nd Baltis operation (after Chambéry and Paris Signature), incomplete track record

B2.4: 1/3 - SIREN Puzzle Morzine not verified in registers; Morzine SH in RCS Versailles not confirmed

B3 · Garanties & Sûretés 3.0/15faible

B3.1: 1/9 - Instrument in preference shares, no real security pledge mortgage or formalised documented guarantee in the file

B3.2: 1/4 - Guarantor/co-investor BpiFrance 3M€ but no formal guarantee

B3.3: 1/2 - No specific bank credit identified; BpiFrance co-invests in equity

B4 · Structure financière 8.0/15

B4.1: 3/5 - Loan-to-Value (ratio prêt/valeur actif) not calculable (target valuation 32.6M€ announced, total debt not specified)

B4.2: 2/4 - Operator fonds propres details not provided; BpiFrance 3M€ visible

B4.3: 1/4 - No stress test presented, Loan-to-Value (ratio prêt/valeur actif) unknown

B4.4: 2/2 - Target IRR >12%, target valuation 32.6M€, 4-star premium hotel

B5 · Pré-commercialisation 5.0/10

RE-COM: No lease signed nor LOI mentioned
LHTP designated future operator (Founding Associate) but without formalised documented lease
Rental demand/hotel demand documented in an undersupplied market
Score 5/10

B6 · Permis & Maturité 5.0/5✓ max

Building permit and works authorisation obtained AND cleared of all appeals according to the file
Real estate/asset within the operational scope of Morzine SH
Maximum score

B7 · Marché & Localisation 2.0/3

Morzine premium hotel market undersupplied, Portes du Soleil, four-season visitor numbers
Stable national commercial real estate market/slight recovery
No precise comparable hotel data but solid thesis

⚠ Alertes détectées · −5 pts déduits

Aucune garantie réelle sur ce projet −5 pts

No real or personal security documented on this 1M€ equity project - preference shares instrument without registered security

Points forts

✓Co-investment BpiFrance 3M€ via FIT3, strong independent institutional validation.

✓Building permit cleared of all appeals, nil administrative risk.

✓Hotel operator LHTP recognised, 7 hotels, 43M€ revenue, proven lifestyle concept.

✓Magellim REIM AMF-licenced, 3Bn€ assets under management, 54 club deals completed.

✓Morzine premium hotel market structurally undersupplied, four-season operation.

Risques identifiés

!Instrument in preference shares: risk of total capital loss, nil liquidity before asset disposal.

!No real security pledge mortgage pledge or guarantee documented in the file.

!SIREN Morzine SH (907955546) not verified in French registers consulted.

!Structural conflict of interest between Baltis and Magellim REIM (same group) partially managed.

!Overall financing plan not disclosed: bank debt, operator FP contributions unknown.

⚠ Avertissement sur les risques

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