DELSOL Avocats advised Réalités and its subsidiary Heurus on partnering with UK investment fund InfraRed Capital Partners to develop serviced retirement properties, a partnership representing an investment of some €250 million.
Founded in 2003, Réalités is a real estate and regional development group whose core business is real estate contracting and user participation. The group has a total of 200 employees present in 12 sites.
Heurus is a subsidiary of the Réalités group, founded in 2013. The company develops and operates over eight serviced retirement residences.
InfraRed Capital Partners Ltd is an international investment manager regulated by the UK Financial Conduct Authority, with a 25-year track record in the real estate and infrastructure sectors.
The three-way partnership over five years provides for the development of 20 to 30 residences, at a rate of four to six new residences a year. The aim of this strategic partnership is to build up a portfolio of retirement residences in France by 2023, representing a minimum investment of some €250 million. On each project, InfraRed will own the real estate unit, purchasing it off-plan (VEFA) from Réalités, which is responsible for the design and build phases, and will let it under an off-plan lease agreement (BEFA) to Heurus, which will then operate the residence.
Réalités and Heurus were advised by a multidisciplinary DELSOL Avocats team consisting of partner Pierre Gougé, co-head of the Corporate – Mergers & Acquisitions Department, and associate Martin Souyri on the corporate and joint venture aspects, Benoît Boussier, partner and co-head of the Real Estate Department, and associate Samuel Giorgi on the real estate aspects (BEFA/VEFA/JV), and Mathieu Le Tacon, partner and co-head of the Tax Law Department, and associate Eve Dauvoison the tax aspects.
InfraRed was advised by Gide, with partner Nicolas Planchot and associate Marie Pastier-Mollet.