Pre-opening | Raizers funds the holding costs of a penthouse for sale at Palm Beach, Cannes, with a €790,000 bond issue

11/09/2026 – ⏱ 5 min

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

The crowdfunding platform Raizers is preparing a temporary financing transaction on the French Riviera. The project, named "Palm Beach Penthouse – Cannes", funds neither construction nor a purchase, but the holding costs of a completed property while its sale is concluded. The transaction is structured as a €790,000 bond issue and is led by Léonard Rodrigues, an entrepreneur since 2008 and active in real estate since 2015, through the company SCI IMMOBILIÈRE RODRIGUES. Investors should keep in mind that any reference to return is inseparable from the corresponding risk, which is described below.

The developer acquired the penthouse in 2021 with bank support. Works were completed in early 2025 and marketing began at €13 million net to the seller. The operator has recently signed new sale mandates on the basis of €11.5 million net, with the aim of accelerating the transaction. Raizers' financing covers the costs associated with holding the asset until it is sold, and repayment will come from that resale. The term requested is 24 months, set as a precaution, with early repayment expected as soon as the sale completes. The published offering does not specify the nominal interest rate granted to bondholders, the opening date and time of the call, the minimum investment per user or an internal credit rating; the investor should verify those points in the loan agreement and in the key investment information sheet (FICI) before committing funds.

Asset Description and Marketing Strategy

The property is a penthouse at 37 avenue des Hespérides (extension) in Cannes, in the 06 department, a short distance from the coast. It has 512 square meters of interior space across three levels, with five bedrooms with private marble bathrooms, dressing rooms, several living areas, two kitchens and numerous sea-view balconies. The fourth floor holds a double-height living room, an infinity pool and an outdoor terrace. The property is completed by a rooftop solarium facing the Lérins islands, 234 square meters of outdoor space and six basement parking spaces, taking the total weighted area to 745.64 square meters excluding parking. No works remain: the property is offered finished and fitted out, ready for immediate sale.

The asset sits in the Pointe Croisette residential district, at the eastern end of the Croisette, between Port Canto, Palm Beach and the Moure Rouge beaches, with local shops and services around Place de l'Étang and the La Croisette primary school on avenue de Lérins. Cannes has 74,350 inhabitants.

The marketing history is central to this transaction. The property has been on the market for roughly two and a half years, since works began, although the platform notes that buyers have mainly been interested in a finished product and the works were not completed until early 2025. Initially offered at €13 million on the agencies' recommendation, the asset attracted several expressions of interest, including a signed purchase offer in February 2025 at €12.9 million, which was accepted by the developer but did not complete because the geopolitical situation in Lebanon directly affected the buyer. More recently, the chief executive of an international group made a fourth follow-up visit on 17 March 2026 and the file remains open. In July the operator signed several mandates with agencies specialising in off-market ultra-premium property on the basis of €11.5 million net. In addition, a reduction of the sale price to €10 million after one year — that is, from October 2027 — has been contractually agreed with the operator, in order to secure the exit strategy within a controlled timeframe.

The projected price of €11.5 million equates to around €22,477 per square meter. The documentation notes that this sits above the reference values of the conventional residential market on avenue des Hespérides — between €7,500 and €8,500/m² — which it considers unrepresentative for this type of product, and benchmarks it against comparable premium listings, such as a 570-square-meter penthouse at Palm Beach offered at €25.5 million (around €44,700/m²), and against historic transactions from the DVF database for high-end apartments on the same avenue, in a range of €20,000 to €25,000/m². An expert report from May 2026 valued the asset at €11.9 million.

Legal Structure, Real Collateral and Risk Factors

The transaction is carried out by SCI IMMOBILIÈRE RODRIGUES, with share capital of €5,000, registered with the Bordeaux Trade and Companies Register under number 807 381 173 on 23 October 2014. That company is 99.98% owned by its parent, SARL FINANCIÈRE RODRIGUES, which will take on the loan. Repayment of the bond issue is secured by a second-rank mortgage in favour of Raizers, acting on behalf of all lenders, by an autonomous first-demand guarantee (GAPD) from SCI IMMOBILIÈRE RODRIGUES, and by the director's personal guarantee. It is worth underlining that this is a second rank: the pre-existing bank debt over the asset ranks ahead of bondholders in the order of repayment.

With exposure limited to €790,000, Raizers' financing represents 8% of the asset's value, while the overall loan-to-value of the transaction, including the bank debt, stands at 37%. The documentation itself identifies as strengths the absence of construction risk — the works are fully complete — and that level of gearing; and as the main point to consider, that this is a niche market with a limited pool of buyers, which may imply a longer marketing process.

In compliance with the European crowdfunding framework, it is recalled that non-experienced investors have a four-calendar-day pre-contractual reflection period during which they may revoke their investment offer without justification or penalty. This is a crowdfunding product and not a deposit or a guaranteed savings product. Real estate investments carry risks of illiquidity and of total or partial loss of principal; this vehicle is not supervised by the CNMV or the Bank of Spain, and lacks the coverage of the deposit guarantee scheme provided for in Directive 2014/49/EU and of the investor compensation scheme provided for in Directive 97/9/EC. Investors may not recover the capital contributed.

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