Detailed Description

Operation

The operation is located at 27 rue Benjamin Franklin, in the Trocadero district, in the 16th arrondissement of Paris. The project is close to Parisian shops and transportation and takes place in a beautiful building with a recently renovated facade. Located on the 7th and top floor of the building, the property offers an unobstructed view of the Trocadero Gardens, facing the Eiffel Tower.

Several cultural offers complete this environment, including Paris Aquarium, Palais de Tokyo, Museum of Modern Art, Cité de l'architecture et du Patrimoine.

The neighborhood is mainly composed of large, typical Haussmann-style buildings and is home to a rather affluent population. Real estate is highly sought after in this area.

This is the refinancing of the real estate property held by SCI SCYPHAX, a family SCI, itself held by Mrs. TAMZALI and her daughter. This refinancing will allow the completion of the works as well as another operation in the 15th district of Paris.

SCI Scyphax owns 4 studios located at 27 rue Benjamin Franklin - 75116 Paris. Two studios have already been restructured in order to bring them together in a single 27 m² apartment with a view of the Trocadero Gardens. The operator would like to carry out additional work in order to combine the 4 lots into a single 55m² unit and refresh the whole. The co-ownership gave its agreement for this meeting, during a general meeting of the co-owners. The property, after work, has been estimated at 825 000 € by a local agency, the Atmosphere agency, located at 18, rue Benjamin Franklin - 75116 Paris.

The reimbursement will be made thanks to the resale of this apartment after the restructuring works. Another exit option is being considered, that of the resale of property abroad which is currently being sold. We would like to point out that the assets abroad represent a significant asset base, given the operation we are financing but are not taken into account in our valuation.

Detail of the asset

The property is currently free of any occupants. It needs some refurbishment works as well as works related to the restructuring of the various existing units.

Market price

The property, which has been estimated, in the future state, at 825 000 € by the agency Atmosphere, displays beautiful services, including a clear view over the Jardins du Trocadero, which partly justifies this price. The common areas have also been renovated, with the installation of an elevator.

Examples of similar properties for sale

Provisional schedule

Legal arrangement

The transaction is being carried out by SCI SCYPHAX, a French real estate investment company with share capital of 1,000 euros, registered with the Paris Trade and Companies Registry under number 821 842 846, on 02/08/2016.

SCI SCYPHAX, which carries out the operation at 27 rue Benjamin Franklin, is 99% owned by Mrs. Fathia TAMZALI and 1% by her daughter, Mrs. Moulka TAMZALI. SAS AZTAM, which will carry the bond issue and which is in the process of being created, is 90% owned by Mrs. Fathia TAMZALI (President), 5% by her daughter, Emna TAMZALI (Managing Director) and 5% by SCI SCYPHAX.

In order to comply with the regulatory provisions relating to bond loans, SCI ADIAMA INVEST, 99% owned by Fathia TAMZALI and 1% by Moulka TAMZALI, will provide its First Demand Guarantee.

The bond loan will be issued by SAS AZTAM (in the process of registration) at an annual rate of 10% per year, for a period of 24 months. The bond may be repaid early by the operator, with interest paid at the end of the term, 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-rank mortgage in favor of Raizers representing the body of bondholders.

* Personal guarantees from Fathia TAMZALI and Emna TAMZALI

* First Demand Guarantee of SCI ADIAMA INVEST

The bond contract provides for early redemption if 

* Sale of the apartment at 27 rue Benjamin Franklin - 75116 Paris

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

SWOT

Operation budget

Shareholders presentation

Fathia TAMZALI, President AZTAM, 83 years old, French:

Fathia TAMZALI has worked for a long time in the hotel business, she has, on several occasions, bought, renovated and then operated hotels in Paris. As an example, the Louvre-Pièvremont Hotel, a 4-star hotel that was sold in 2017 after its complete renovation and operation for 10 years. This is its last operation of this type to date. Mother of Moulka and Emna TAMZALI, she brings her expertise and experience to the family's projects.

Emna TAMZALI, General Director AZTAM, 59 years old, French:

Emna TAMZALI, a pharmacist, is leaning on the operation alongside Fathia TAMZALI. She is notably the manager of the company DUPLEIX HOTEL, a hotel that is currently being restructured by the family, located in the 15th district. Emna TAMZALI is a co-shareholder and managing director of SAS AZTAM. She also brings her personal guarantee in addition to that of Fathia TAMZALI.

Moulka TAMZALI, 60 years old, French:

Moulka TAMZALI, a teacher in financial mathematics at Paris Dauphine, works with Fathia in the framework of this operation. She is also the manager of a company specialized in the operations of goods merchants. She is a co-shareholder of SCI SCYPHAX, which carries the operation, as well as of DUPLEIX ADIAMA, SARL DUPLEIX HÔTEL and ADIAMA INVEST, which own the walls and the business of a hotel under restructuring in the 15th district of Paris.

Financial elements

Balance sheet company ADIAMA INVEST giving First Demand Guarantee

Income statement company ADIAMA INVEST giving First Demand Guarantee

This company, which has no activity other than owning the walls and goodwill of a hotel recently acquired by the family, posted a negative result due to the work carried out on the hotel (see "Joint operation" line).

Detail of assets held

In addition to this estate, the family has many properties abroad that have not been taken into account.