Campaign Close | Raizers completes the €370,000 raise for a 55-home development in Montivilliers (Normandy)

30/06/2026 – ⏱ 3 min

This article is for informational purposes only and does not, under any circumstances, constitute investment advice or a recommendation.

The crowdfunding platform Raizers has issued the closing report for the fundraising round of the "Les Jardins de Prévert" project, promoted by Kapawest in Montivilliers, about 13 km east of Le Havre (Normandy, France). The operation, structured as a loan intended to finance the equity contribution required by the bank to complete the land acquisition, has concluded after completing the fundraising target, consolidating a final amount raised of €370,000. Investors should keep in mind that any reference to return is inseparable from the corresponding risk, which is described below.

The round started from a target of €370,000 and completed 100% of its allocation over a period of 28 days. The analysis of the flow of contributions during that interval records an average contribution ratio of €9 per minute.

Investor Base and Capital Distribution

The campaign concluded after registering the participation of 184 investors, who covered the entire amount assigned to the opportunity. The distribution of the funds raised among that number of contributors yields an average investment ticket of €2,011 per participant.

The operation is structured as a €370,000 loan with a 24-month term, a repayment target of 18 months, and an interest rate of 11%. The return of the operation is subject to investment risk and is not guaranteed. In compliance with the European regulatory framework, non-experienced investors have a four-calendar-day pre-contractual reflection period during which they may revoke their commitment at no cost and without justification.

Asset Description, Project Progress and Marketing

"Les Jardins de Prévert" is a development of 55 homes spread across three buildings, sold under the VEFA regime (Vente en l'État Futur d'Achèvement), on Jacques Prévert street in Montivilliers. The program comprises 30 T2 apartments, 21 T3 and 4 T4, with 102 parking spaces, and involves the redevelopment of the site of the former Belle Étoile shopping center, abandoned after a fire in 2018, with the support of the city of Montivilliers and Le Havre Seine Métropole. The plan will have RE2020 certification. The development is 100% pre-sold to two social landlords: building A to Habitat 76 and buildings B and C to Seminor.

The development is structured over 12 plots: two were already acquired by the operator with its own funds in March, and the acquisition of the remaining ten was scheduled for the end of June 2026, with completion of the works expected for March 2028. The financial completion guarantee (GFA) for the development has been obtained from Caisse d'Épargne. The project is led by Kapawest, a company founded in 2017 by Caroline Hubert, active in the Normandy market.

Capital Structure, Coverage Ratios and Collateral

The project has a cost price of €7,452,598 and a sale price of €7,975,283, with a Loan-to-Cost (LTC) ratio of 22% and a Loan-to-Value (LTV) ratio of 21%. The loan is secured by the notarial personal guarantee of Caroline Hubert and by the notarial first-demand guarantee of the project company, SCCV Les Jardins de Prévert. The project also has partial bank financing.

Finally, in compliance with the regulations governing crowdfunding platforms, investors are reminded that this is a participatory financing product and not a deposit or a guaranteed savings product, and that real estate investments carry specific risks, such as illiquidity, the risk of not obtaining the expected return, or the partial or total loss of principal. This crowdfunding project is not supervised by the CNMV or the Bank of Spain, and the information provided has not been reviewed by these institutions. Likewise, the invested capital is not covered by the deposit guarantee fund or the investor compensation scheme.

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