À propos
Partial refinancing of Landry project equity, carried by co-promotion FIPA Prélude (Promo Ouest Immobilier + Urbatys), for construction of 2 buildings of 36 dwellings (T1bis to T4, 2103 m²) at 93-95 rue Châteaugiron in Rennes (35). Land secured, building permit obtained and cleared, construction launched March 2026, delivery planned January 2028. Marketing at 64% by volume at document date.
Plateforme · 16.5/25
A1 · Statut réglementaire
8.0/8✓ max
- Licence agrément AMF AMF fonds propres-2023-31 active since November 2023 + registre ORIAS 16003112
- Maximum regulatory status
A2 · Track Record
0.5/6faible
- Default 35.75% (>15%) → 0/6
- Delay rate 33.98% (30-50%) → 1.5/6
- Actual return vs announced not disclosed → 0/6
- A2 = (0×0.5)+(1.5×0.3)+(0×0.2) = 0.45 ≈ 0.5
A3 · Rigueur de sélection
2.0/4
- Selection process mentioned but selection rate not published
- Recognised platform, 577 projects financed
A4 · Santé financière
4.0/4✓ max
- Subsidiary of Tikehau Capital (>50 bn EUR AUM), listed institutional group
- No distress signals at platform level
- Delay/default rates fall under A2, not A4
A5 · Protection investisseurs
2.0/3
- Licensed agrément AMF → 4-day reflection period + mandatory continuity plan (1 pt)
- Segregated accounts via third-party PSP compliant with agrément AMF (1 pt)
- Secondary market not documented (0 pt)
Projet · 49.0/75
B1 · Instrument & Structure
8.0/10bon
B1.1: 5/5 - Simple fixed-rate bond, French law clear
B1.2: 2/3 - société dédiée (SPV) FIPA Prélude dedicated to Landry programme
B1.3: 1/2 - Bond unsecured by real guarantee, known senior bank debt (900k EUR), rank not registered
B2 · Opérateur & Track record
11.0/15
B2.1: 4/4 - Richard Roblot appointed manager, Bernard Genouel for Urbatys, functions specified
B2.2: 4/5 - Promo Ouest 2200 dwellings delivered since 1997, Urbatys 30 years, solid track record
B2.3: 2/3 - Operator already financed by Homunity (explicit mention)
B2.4: 1/3 - Promo Ouest balance sheet: total assets 29.3m EUR, equity 3.4m EUR, gearing ~7.6 (tight); positive result but very low leverage
B3 · Garanties & Sûretés
7.0/15faible
B3.1: 5/9 - Joint and several guarantee Promo Ouest Immobilier (parent holding). garantie financière d'achèvement obtained but benefit to SCCV, not to bondholders
B3.2: 2/4 - Equity 3.4m EUR, gearing ~7.6 (>2), situation tight but positive result
B3.3: 1/2 - Bank credit 900k EUR confirmed, bank unnamed
B4 · Structure financière
10.0/15
B4.1: 5/5 - Loan-to-Cost (ratio prêt/coût total) crowd: 480k EUR/8.96m EUR = 5.4% (very low)
B4.2: 1/4 - Developer equity 120k EUR i.e. ~1% of total cost (very low)
B4.3: 3/4 - Stress test -30% on inventory: real estate cash-flow remains positive at 4% turnover (tax-inclusive), repayment secured
B4.4: 1/2 - Net margin 3.3% of turnover (tax-inclusive) (below 8% threshold)
B5 · Pré-commercialisation
6.0/10
- 64% marketed by volume (23/36 units reserved), including usufruct social lessor acquired and 14 NP reserved
- 13 units remaining to sell in 15 months
- Pace >1 unit/month observed
- Break-even not yet reached in value (62%)
B6 · Permis & Maturité
5.0/5✓ max
- Land secured (June 2024), building permit obtained and cleared (September 2026), construction started (March 2026), TRC/DO/garantie financière d'achèvement obtained
- Maximum maturity
B7 · Marché & Localisation
2.0/3
- Rennes: dynamic regional metropolis, 450k inhabitants, strong student/tech rental demand
- Stable market, target prices (~3600 EUR/m²) consistent with Rennes market
- No national premium market
Points forts
Land secured, building permit cleared, construction ongoing: maximum operational maturity.
Very low crowd LTC (5.4%): limited exposure on total project value.
Experienced operators: Promo Ouest (2200 dwellings) and Urbatys (30 years of activity).
Stress test -30% on inventory remains cash-flow positive: bondholder repayment secured.
GFA obtained, TRC and DO insurance in place.
Risques identifiés
Very low net margin (3.3% turnover tax-inclusive): no operator safety margin in case of cost overruns.
Promo Ouest gearing very high (~7.6): capacity of joint and several guarantor to honour commitment limited.
Homunity platform: default rate 35.75% and delays 33.98% - portfolio systemic risk.
13 units remaining to market including 3 T4 at high prices (>5,400 EUR/m²) in 15 months.
Developer equity contribution very low (1%): insufficient alignment of interests.
⚠ Avertissement sur les risques
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