Detailed Description

Operation

The operation takes place at 4 avenue Mirabeau in Nice, in the heart of the Libération district, close to the dynamic Place Charles de Gaulle. The latter is the soul of the district with its open-air market.

The Avenue Mirabeau development, led by IMMOAMBRE, consists of the purchase and resale of a property after its renovation. The property has already been acquired by the operator.

The works, which consist of the repair of the electricity and gas networks, a reorganization of the existing rooms and a refreshing of the paintwork, will start at the end of October 2020 and should last until June 2021. It is at this date that the marketing of the property will begin.

The operation also includes a closed garage near the property and a suplex studio flat. These two lots have not been included in the balance sheet for reasons of prudence, but can be valued as part of this acquisition and constitute additional sales. It should be noted that a closed garage in Nice, in the area under consideration, is valued at between €40,000 and €60,000.

Zoom on the program

Detail of the lots:

Pictures of the building in its current state:

Commercialization strategy

The renovation of the property is not considered as a refurbishment. The sale will therefore take place at the end of the operation, i.e. when the work is completed. Visits will therefore take place from June 2021. The operator intends to carry out the sale during the summer of 2021, but a significant period of time has been granted to him in order to allow serene marketing under the best conditions.

No pre-marketing can be carried out to date, and the operator prefers to display a finished property for sale rather than start visits in the same condition before the work is finalized.

Market price

The study carried out here focuses particularly on the Nice district of Libération. The proposed selling price of €5,558/sq.m (including tax) is above the average market price, but remains within the high sectoral range observed. This exit price is consistent given the quality of the building, the property and the work planned by the operator.

Provisional schedule

Legal arrangement

The transaction is being carried out directly by SAS IMMOAMBRE, a French real estate investment company with share capital of €10,000, registered with the Annecy B Trade and Companies Registry under number 853 806 230 on 12/09/2019.

In order to comply with the regulations governing bond issues, HOLDING AMBRE SA, which is wholly owned by Mrs Morabito, will provide its First Demand Guarantee.

The bond loan will be issued by SAS IMMOAMBRE at an annual rate of 9% per annum for a period of 24 months. The bond loan may be amortised and repaid by the operator over the course of sales, with interest paid annually, but guaranteed for a minimum period of 6 months.

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

* A first-ranking mortgage in favour of Raizers representing the mass of bondholders

* Personal guarantee of Mr. MORABITO

The bond contract provides for early redemption if:

* The operator closes the marketing of its operation before the scheduled maturity date

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

SWOT

Promotion assessment

Financing structure

Shareholders presentation

AMBRE HOLDING SA is a company under Swiss law, initially created by Mrs. MORABITO. Its purpose is to group together all the couple's activities. Mrs. MORABITO is a shareholder and has no operational function within the group's activities. A capital restructuring is planned for Q2 2021 so that Mr. Morabito will be a 70% shareholder in this company.

Mr. Michel MORABITO - 72 years old - Married - French:

Mr. MORABITO has had a long career in the import/export, manufacturing and sale of luxury goods. He started his career in the coral trade in Japan and Hong-Kong before setting up his own jewelry business. In this capacity, he opened several shops, notably in Paris, avenue George V and Tokyo. After a long career in this field, he opened up to the real estate business in the 1990s. He recently decided to structure his group in order to facilitate the financial flows of his various activities. They are divided into three main divisions, real estate works coordination (supporting his real estate activities) and luxury and art trades.

Financial elements

The operator only structured his activity very recently, being accustomed to case-by-case management until then, without having a group vision.

The company HOLDING AMBRE SA, under Swiss law, was dormant for several years. The results of the ongoing operations carried out by the various affiliated companies will only be reported to the parent holding company once they have been completed.

To date, HOLDING AMBRE SA has only incurred expenses related to the start-up of this structure and the operations under development, including the Avenue Mirabeau operation.

The financial statements presented for SAS IMMOAMBRE are interim financial statements, as it has not yet been in existence for one year. All of the debts listed are made up of contributions from HOLDING AMBRE SA for the acquisition of the property in Nice and for the contribution of funds held at the notary's office as part of an acquisition in Antibes with a view to carrying out a transaction there in the near future.

Balance sheet Ambre Holding SA

Income statement Ambre Holding SA

Balance sheet SAS Immoambre

Income statement SAS Immoambre