Investment Strategy
Key figures
Significant investments
Operational Value Creation
Italian office

Real Estate

Investment Strategy

Investment Strategy

LBO France has been investing in the French Real Estate market for over 20 years, both in the commercial and residential segments. LBO France has adopted an opportunistic approach covering a wide and comprehensive range of transactions, i.e.  acquisition of assets, refurbishments, restructurings, new projects development, urban development, and acquisition of Real Estate players.

The in depth understanding of the markets where it operates being crucial, the team focuses on French investments. It also focuses on operations with an investment volume ranging between €50m and €250m.

LBO France offers two investment strategies, the first one is targeting value-added opportunities thanks to the White Stone funds, the other one is seeking medium to long-term returns thanks to Lapillus funds.

Key figures

€2.6 bn
in acquisitions
deals since 2003
+ 15 years
of experience
Operational Value Creation

Operational Value Creation

The Real Estate team has always privileged an in-house asset management for all the investments achieved. This global approach offers a very precise knowledge of the constraints, risks and opportunities related to the potential transactions the team would analyze. It also allows a total control of the operations post acquisition. It facilitates the valuation of opportunities at acquisition and secures value creation.

More generally, the team’s know-how is based on its ability to:

  • Anticipate and imagine the Real Estate of tomorrow;
  • Act as an independent and daring investor, free to seize opportunities with agility;
  • Build tailor-made strategies, adapted to each asset;
  • Control and integrate the entire value chain, from investment to asset management and disposal.

ESG and Real Estate

Real Estate was our first Investment strategy to be involved with an ESG approach, as early as in 2003, through environmental required level and selection of leading partners and suppliers (architects, developers, companies, etc.).

In October 2016, LBO France signed the energy efficiency charter for public and private commercial buildings under the Plan Bâtiment Durable (sustainable building plan). LBO France has consequently joined the largest investors and users of commercial buildings in France by officially committing itself to an active energy saving approach among the real estate assets it manages. The Plan Bâtiment Durable is the result of Grenelle 2 environmental legislation and is designed to mobilise construction and real estate companies around a voluntary and shared mission: to promote the implementation of energy efficiency objectives, notably by commencing building renovations without delay to improve the occupants’ well-being.

In the same way, LBO France is in the process of obtaining the « Green loan » label for the financing of ist latest investment, Network 1 commercial building, thereby showing its capacity to meet the requirements of the 2015 Paris climate agreement.

Finally, in converting the 15-hectare-Mathurins-site in Bagneux, LBO France is achieving a global CSR approach : comprehensive cooperation with the city to design a new district in which space is shared, mixity is promoted (housing, student accomodation, shops, offices, public facilities, etc.) and services are mutualised within a network or parcs and the town (specific attention to easy communication between different activities/population, transportation, etc.)

Italian office

LBO France’s acquisition of a majority stake in the asset management company Polis Fondi SGR illustrates its commitment to expansion in Italy.

Polis Fondi SGR, a Milan-based company, is a very well known asset management firm operating in the Italian market for the management of alternative real estate and credit funds.

Over the last 20 years, Polis Fondi SGR has been recognised as a specialist in structuring and managing real estate investment vehicles for institutional clients and the company was the first in Italy to offer funds dedicated to non performing loans, which to date have been invested in by more than 40 banking institutions.