Descripton

Description

Purchase of plots of land in La Chapelle de Longeville in Normandie and resale in 4 flats, 6 studios and 4 building plots.

Operation

10 minutes by car from Vernon, the JOUBEAUX-IMMOBILIER group - which has been operating in the Vernon area for more than 70 years - is carrying out the "Les Cerisiers" operation located in the commune of La Chapelle de Longueville. On the outskirts of the town of Vernon, this commune is located between Rouen and Paris, close to major motorways such as the A13 and A14.

Vernon station is less than 50 minutes away from Paris and Rouen.

The project involves the acquisition of a 5,830 m² plot of land with a view to dividing it up and reselling it on a lot-by-lot basis.

After servicing the plots by the operator for an amount of approximately €210,000, the project will be divided up as follows:

* The existing double house is divided into 2 flats which are under a provisional sale agreement with a private individual making a rental investment.

* The barn will be resold as is and divided into 2 flats. The work on the private parts is not carried out by the operator. They are managed directly by the future purchasers and can be carried out by the operator via its construction company CIFORBAT, allowing the amount of the work for the future purchasers to be deducted from their rental income.

* The old house will be divided into 6 studios. The work on the private areas is not carried out by the operator. They are managed directly by the future purchasers and can be carried out by the operator via its construction company CIFORBAT, allowing the amount of the work for the future purchasers to be deducted from their rental income.

* Two plots of undeveloped land will be divided up and sold as "building rights" with planning permission.

* The "rear" plot is already reserved by a subsidiary of the JOUBEAUX-IMMOBILIER Group for a future programme of 16 housing units. The transaction to the subsidiary will be carried out when the building permit is obtained and cleared of any recourse.

Commercialization

The projected turnover of the operation is €1,020,000.

Without taking into account the sale of the promotion plots (sold to the same group), the pre-marketing is 20% of the turnover.

It should be noted that the work on the private areas has already been estimated by the operator and will be carried out by future buyers. Depending on their wishes, they will be able to carry out the work on the units themselves or have it done by the operator via their construction company, CIFORBAT.

Note that Lots 1 and 2 are under a compromise with a subsidiary of the Joubeaux Group and will be definitively signed in December 2022.

Market price

The sale prices of the flats in the operation are on the low end of the scale given the work to be carried out to renovate the dwellings.

Legal arrangement

The transaction is being carried out by SAS Axe-Invest 27, with a capital of 5,000 euros, registered with the Evreux Trade and Companies Register under number 853 033 926, on 07/08/2019.

SAS Axe-Invest 27, which carries out the transaction, is 99% owned by the HORUS Group and 1% by Mr Christophe JOUBEAUX.

The bond loan will be issued by SAS Axe-Invest 27 at an annual rate of 10% per year for a period of 24 months. The interest will be paid annually and the capital at maturity at the time of repayment according to the sales made from the "Les Cerisiers" operation within the limit of 24 months.

In order to provide additional guarantees, the repayment of the bond is guaranteed by :

* First rank mortgage registered on the land for the benefit of Raizers investors

* First Demand Guarantee from HORUS Group 

* Personal Guarantee from Mr Christophe Joubeaux

All the documents associated with this fundraising are available in the "documentation" tab.

The bond loan will be repaid in the course of sales by the operator in the following manner:

Example of calculation for the repayment of a tranche:

The issue date of the bond is 16 September 2020.

Lot 13 is sold 6 months later, then Axe-Invest 27 will payout to the investor making an investment of €10,000:

* 18% of the capital loaned, i.e. €1,800 paid back on the day of the sale of the flat.

* 6 months interest at an annual rate of 10%, i.e. €90 of interest (€1,800 x 10% annual/12 months x 6 months) paid on each anniversary date of the bond or when the bond amount is redeemed at 100%.

If Lots 13 and 14 under a provisional sale agreement are sold, the bond will be repaid at 36%, i.e. €198,000.

If lots 1 and 2 under a provisional sale agreement to the subsidiary of the Joubeaux Group are sold, the bond loan will be reimbursed up to an additional 40%, i.e. €220,000.

When the bond and its interest are repaid at 100%, the 1st rank mortgage will no longer be registered on the remaining lots.

Operator's presentation

The JOUBEAUX-IMMOBILIER group has existed for 75 years. It is a family business whose original profession is that of estate agents in the Vernon (Eure) area. SARL JOUBEAUX was created by Mr Joubeaux père. The 3 brothers and sisters took over the family structure (Christophe the project leader, Pascale the sister and brother Patrice).

Christophe JOUBEAUX, 58 years old, current Chairman of the Horus Group, holds 60% of the capital of this holding company. He has always worked within this company, previously managed by his father.

Pascale (the sister) and Patrice JOUBEAUX (the brother), each holding respectively 20% of the HORUS group, are currently retired and no longer wish to intervene in the company.

After Christophe JOUBEAUX took over the group's activity, the SARL GROUPE HORUS was set up to centralize the JOUBEAUX family's assets.