58 Saint-Lazare — 14.9%/an · 30 mois

Plateforme · 21.4/25

A1 · Statut réglementaire 8.0/8✓ max

Anaxago Capital holds agrément AMF licence AMF fonds propres-2023-25 verified and in force since November 2023

A2 · Track Record 3.4/6

Score adjusted using live data: default rate 12.01% (1.5/6), delay >90 days 13.53% (4.5/6), net IRR 9.8% compliant with announced range (6/6)
Weighted average (1.5×0.5 + 4.5×0.3 + 6×0.2) = 3.4/6

A3 · Rigueur de sélection 3.0/4bon

Documented investment committee, independent analysis mentioned, but selection rate not published

A4 · Santé financière 4.0/4✓ max

agrément AMF regulated platform since 2012, financed volume >€823M, track record 348+ projects, no distress signal for the platform itself

A5 · Protection investisseurs 3.0/3✓ max

4 day reflection period mandatory agrément AMF documented
Segregated accounts via third party PSP
Secondary market not operational for this type obligation convertible

Projet · 21.0/75 (32.0 brut, red flags −11)

B1 · Instrument & Structure 5.0/10

B1.1: 2/5 - obligation convertible without real guarantee, subordination not documented

B1.2: 2/3 - Dedicated société dédiée (SPV) SAS Objectif Construction 254, clear French law

B1.3: 1/2 - Claimed priority rank not formally registered

B2 · Opérateur & Track record 9.0/15

B2.1: 3/4 - Ambra Capital and UL Immo named, functions specified, but management profiles in annex not reproduced

B2.2: 4/5 - UL Immo value-add Paris track record documented, 1-2 major operations

B2.3: 1/3 - First operation on Anaxago

B2.4: 1/3 - SAS 58 Saint-Lazare capital €10, no financial history available

B3 · Garanties & Sûretés 4.0/15faible

B3.1: 2/9 - obligation convertible without registered mortgage or pledge; implicit personal guarantee via UL Immo co-investment not notarised

B3.2: 1/4 - Guarantor not financially assessed, société dédiée (SPV) without accounts

B3.3: 1/2 - Conditional banking commitment (banking committee not finally validated)

B4 · Structure financière 9.0/15

B4.1: 3/5 - Loan-to-Value (ratio prêt/valeur actif) on market value: crowd €4.5M / asset €22.85M approximately 20%; total debt + crowd versus exit value not available, but partial ratio favourable

B4.2: 3/4 - 37% equity partners committed (>20%)

B4.3: 2/4 - Margin €6.1M on total cost approximately €30.55M; stress test not presented but Loan-to-Cost (ratio prêt/coût total) very low

B4.4: 1/2 - Gross target IRR 14.9%, net margin €6.1M approximately 20% of total cost

B5 · Pré-commercialisation 2.0/10faible

No lease or LOI signed at this stage
Vacant asset, post-renovation lettings strategy, no firm tenant commitment
QCA office market sustained demand on prime but no pre-commercialisation

B6 · Permis & Maturité 2.0/5faible

Acquisition under signed promise to sell (not completed at this stage, closing targeted July 2026)
Building permit not filed (filing planned 4 months post-acquisition)
Acquisition not completed but under firm promise plus permit in preparation

B7 · Marché & Localisation 1.0/3faible

Score adjusted using live data: IDF office market in crisis (market_trend=declining), demand -15% Q1 2026, Ile-de-France vacancy 10.8%
QCA 5.7% vacancy stable but supply +39%
Target rent €1000/m² ambitious versus prime €1220/m² but selective market

Points forts

✓Prime QCA Saint-Lazare location, rare asset with 757 m² of private outdoor space

✓Banking partner committed to 63% of total financing, strong alignment

✓37% equity partners committed, UL Immo co-investment aligned

✓Vacant asset, execution without lettings friction

✓Multi-label environmental certification (BREEAM, Biodiversity, Wiredscore) targeted

Risques identifiés

!OCA instrument without registered real guarantee, subordination not documented

!Acquisition not yet completed (promise signed, closing targeted July 2026)

!No tenant or LOI signed; target rent €1000/m² depends on selective market

!IDF office market in structural decline (-15% demand Q1 2026, vacancy 10.8%)

!Building permit not filed, calendar risk on classified heritage asset