Property
Club deal immobilier (property club deal)
Co-investment by a small number of investors in an identified property asset.
Overview
A property club deal allows a few investors to buy an identified building together, run by an authorised management company.
A dedicated vehicle brings together a limited number of investors, often five to twenty, around a specific property asset. The vehicle may be a closed-end SCPI, a professional OPCI, a société de libre partenariat (limited partnership) or an FPCI. The asset may be an office building, a logistics platform, a managed residence or a development project. A management company authorised by the Autorité des marchés financiers runs it. The vehicle may borrow and provides for exit through the sale of the asset after five to ten years. Subscriptions range from €50,000 to €500,000, and qualified or well-informed investor status may be required.
How it works
Asset selection
Building identified by the management company
Subscription
High minimum amount, reserved for well-informed investors where required
Planned exit
Sale of the asset within five to ten years
Key points
Strengths
- Access to institutional-scale assets, above €20 million
- Thematic diversification: logistics, hotels, offices
- Management by a company authorised by the AMF
- Borrowing possible at vehicle level
- Quarterly reporting and a planned exit
Points to watch
- Almost no liquidity during the commitment period, five to ten years
- Risk of capital loss: property carries no guarantee
- Management fees and performance fee, set out in the vehicle's documentation
- Qualified-investor status required, depending on the vehicle
- Concentration on a single asset, unlike a diversified SCPI
Who it is for
A club deal is for estates that already hold a diversified property allocation. It means accepting a complete lock-in and concentration risk in return for access to institutional-scale assets.
Worked illustration
Example based on assumptions
Assumptions: fifteen investors each contribute €150,000 to a vehicle that buys a €25 million building, 35% financed by debt. Assuming a 4% distribution, each investor receives €6,000 a year before tax, until the building is sold after seven years. Neither the distribution nor the sale price is guaranteed, and the funds remain locked in until exit.
Regulatory information
This sheet is a general information document of a commercial nature. It constitutes neither personalised investment advice, nor a recommendation, nor a solicitation, and it is not a key information document. Any decision requires a prior analysis of your situation by a duly authorised professional. Investments carry a risk of capital loss. Past performance is no guide to future performance. Taxation depends on each person's situation and may change.
Risk of capital loss: the value of units may fall with the property market. Distributed income depends on rents collected and is not guaranteed. Liquidity is limited: resale depends on the secondary market or on new subscriptions, with no guarantee of timing or price. Subscription and management costs are significant. Investment horizon: at least eight years.
Complaints and mediation
Any complaint may be sent to ASTERALE, 4 allée Django Reinhardt, 94110 Arcueil, France, or to sebastien.bailly@asterale.fr. Failing a satisfactory reply within two months, you may refer the matter to the competent mediator. For financial investment advice: the AMF Ombudsman (Médiateur de l'AMF), 17 place de la Bourse, 75082 Paris Cedex 02 (www.amf-france.org/fr/le-mediateur). For insurance broking and intermediation, banking and payment services intermediation and property transactions: ANM Conso, 2 rue de Colmar, 94300 Vincennes (www.anm-conso.com, contact@anmconso.com).
Information sheet updated on 6 October 2026. Download the sheet (PDF)
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