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Delivering superior-risk adjusted returns by financing sustainable real estate projects in France.

The strategy

Mirabaud Sustainable Cities provides equity to leading developers to finance restructuring and new-home programmes across France, with a focus on the leading regional cities. We provide financing for the acquisition of land plots and the restructuring of existing buildings, targeting 12% internal rate of return (IRR) net of fees over a 3-6yr time horizon at project level on a 1.6x multiple of invested capital (MOIC).

Who we work with

We have partnerships with France’s 15 leading tier-one developers, which allows us to utilise the thousands of researchers they have on the ground identifying the most attractive potential opportunities.

Unique access & approach

Mirabaud is the exclusive partner for holding assets with Bouygues Group. Our joint venture has a total equity investment of EUR100m to buy plots of land prior to development. There is no other such partnership in the market.

We are progressively becoming the no.1 institutional partner for the largest French developers and have deep conviction in the long-term value appreciation of the land plots and buildings being developed.

Investment highlights
RESILIENT DEMAND500,000 to 600,000 homes needed per year by 20301.
LIMITED SUPPLYOnly 375,000 housing starts per year2.
ACCESS TO OPPORTUNITIESWell-established connections drive strong deal flow with top developers. 
RISK MANAGEMENTPredictable IRR thanks to well-managed risk, robust business plans & a focus on reliability.
EXPERTISESpecialised team of industry experts with a strong track record of successful deals & partnerships.
SFDR ARTICLE 9A private equity fund to finance the urgent transformation of cities.

1  Rexicode and Nexity estimates

2 Sit@del (2011/2021)

Investment case

DRIVERS

Increasing household numbers, alongside lifestyle changes such as working from home and seeking a better quality of life, are driving change, as is regulatory pressure for more sustainable living. 

 

DEMAND

The drivers are increasing demand for housing units in smaller cities, flexible workspaces, and energy-efficient homes and businesses. The continuing need to reduce carbon emissions will also shape demand. 

 

OPPORTUNITY

Investment is needed to replace old buildings with greener homes and offices, re-structure existing buildings and ultimately transform smaller cities into the smarter, sustainable, desirable cities of the future. 

 

Download the introductory paper

 

 

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