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Macro Location Analysis
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Loan To value
Purpose of the loan
The operation is located in the commune of "Les Houches", in the Chamonix valley.
This is a program of 54 apartments with terraces and parking spaces in a luxury building, with a swimming pool, spa, gym, ski room and laundry. The program is 73% sold (including 9% options).
Part of the land was acquired on October 4, 2020, and the other part on February 2, 2021, for €2,535,000, financed by equity.
Work will begin in May 2021 and delivery is scheduled for October 2022.
Raizers is intervening to finance the start of the work and to secure the operation before the signature, scheduled for April, of the first VEFA (Sale in the Future State of Completion) deeds with the clients.
The loan will be secured by a first mortgage on the unsold lots and the GAPDs (Guarantees On First Demand) of SAS Lafah and SCCV Les Mazots de Kayla.
Zoom on the program
The program will consist of 54 apartments spread over five levels and two buildings, each with a terrace and covered parking. The building will be equipped with a fitness room, a swimming pool with a spa area, a ski room and a laundry room.
The basic services will include oak parquet flooring in the night areas, suspended toilets, underfloor heating and fully equipped kitchens.
One parking space is allocated for each apartment and two spaces for the T4 apartments.
The prices/m² of the apartments sold to the municipality is lower than the average selling price because the municipality wished to reserve apartments for the inhabitants of Les Houches at preferential prices (agreement between the operator and the municipality).
The purchasers have paid a deposit of between 2% and 5% of the sale price.
The cost of the work has been estimated at 2520 €/m² excl. VAT and 4 % excl. VAT for contingencies has been provided for in the balance sheet.
The company selected to carry out the structural work is Enterprise Hubert Rougeot Meursault. This Lyon-based company was founded in 1960, has €12.3 million of equity and a turnover of €68 million in 2019, with a profit of €1.55 million.
Asbestos removal has been completed and earthworks and demolition should begin at the end of March, once the funds are received.
The operator is also accompanied by Xanadu Architectes, the design team, as well as Atelier Popcorn and the architectural studio for the implementation. These two firms are specialized in mountain works.
Level of commercialisation :
The mayor has reserved seven lots for the inhabitants of the commune, at preferential prices. An agreement has been established between the commune of Les Houches and the SCCV Les mazots de Kayla for the allocation of these accommodations. Allocations will be decided by the municipality according to family and income criteria.
The program is located in the commune of Les Houches, in the Chamonix valley (9 km away), and 75 km from Geneva. This family ski resort is renowned for its proximity to the Mont Blanc massif. The residence is located at an equal distance from the Prarion gondola and the Bellevue cable car (6 mn walk), allowing to join the whole Les Houches/Saint Gervais ski area and the famous green run and allows a ski return to the residence.
In the heart of the village, the residence benefits from all the amenities nearby.
The price per square meter of the project is 24% higher than the market price in the commune. However, these are new homes, with premium features, which remain in the upper range of market prices in the commune (€6,630 per square meter).
In addition, the residence is located in the Chamonix valley. This attractive area is a real asset for the commercialization of the apartments.
The sale price is also validated by the 64% commercialization rate (excluding options in progress).
The transaction is being carried out by the SCCV Les Mazots de Kayla, with a capital of 1,000 euros, registered in the Thonon-les-Bains Trade and Companies Register under number 890 207 368, on October 21, 2020.
The SCCV Les Mazots de Kayla, which is carrying the Les Mazots de Kayla transaction, is 49.9% owned by its parent company SAS Kaylim and 50.1% owned by Avanda (Florent Aubail).
The bond will be issued by SAS KAYLIM at an annual rate of 10%, for a term of 24 months. The bond will be repaid at maturity, with interest paid annually, but guaranteed for a minimum period of 6 months. The operator also has the option of repaying the loan in 3 tranches:
In order to provide additional guarantees, the repayment of the bond loan is secured by:
* A 1st rank mortgage in favor of Raizers representing the bondholders' mass
* First Demand Guarantees from the holding company of SAS LAFAH and SCCV Les Mazots de Kayla
The bond contract provides for early repayment if:
* Delivery of the operation
All the documents associated with this fundraising are available in the "documentation" tab.
* Corresponds to a pre-commercialization of 54% (excluding parking): entirely covered by reservations.
The aim is, for Avanda, to sell its shares to SAS Kaylim and for Mr. Aubail to hold only 1% of the SCCV as an individual. Through MF20 and as a natural person, he holds a 65% majority stake in Kaylim.
Leila Legouera, 49 years old, has more than 30 years of experience in the administrative and financial management of companies. She has worked in several companies in various fields such as construction, maintenance and consulting. Through SAS Lafah, she presides over SAS Kaylim and is in charge of the administrative and financial management of the company.
Florent Aubail, 41, is a graduate of ESC Nice. He began his career in 2001 at Dentsu Aegis, an advertising and market research company. As early as 2007, he created Edelway AG, an IT & Pharmacology consulting company (€40M in turnover in 2016) which he then sold to Akka Technologie Group in 2017. In 2019, he created Taxera, an online platform of tax and tax assistance solutions and tools for companies as well as Avanda Group, a digital transformation and Big Data solutions company.
He will buy Kaylim's shares in the second half of 2020 and take over the management with Ms. Legouera with the objective of developing the company's activities in France and Switzerland.
Mr. Aubail and Ms. Legouera are supported in the day-to-day management of the company by Mr. Ait, who is in charge of all technical management and site monitoring, and by Mr. Dohollo, who is in charge of program marketing and business development. Mr. Ait and Mr. Dohollo have been operational within Kaylim since 2016.
The balance sheet of the company carrying the bond, SAS Kaylim
Income statement SAS Kaylim
Financial elements SCCV Les Mazots de Kayla
The company was created on September 28, 2020 and will close its first accounts on 31/12/2021.
Financial elements SAS Lafah
The company was established on November 15, 2019 and has closed its first accounts as of 10/31/2020. The accounts are not yet published but will be available upon receipt.