Pre-opening | Raizers refinances two offices in Paris and Aubervilliers with €800,000

14/10/2026 – ⏱ 3 min

This article is for informational purposes only and does not constitute investment advice or a recommendation of any kind.

Raizers is preparing an €800,000 bond issue over 24 months to refinance part of the bank debt on two let offices owned by the SCI Les Choups, in the 18th arrondissement of Paris and in Aubervilliers, and to give the group new investment capacity. There is no purchase and no construction work.

The contract takes effect on 15 November 2026 and matures two years later, with the capital repaid in fine. The fact sheet describes 8% per annum paid monthly plus 3% capitalised at maturity; that estimate is subject to the risk of the investment and is not guaranteed. Its repayment schedule does not reflect that split: the 24 instalments are calculated at 11% per annum on the calendar days of each month —€7,473.97 in 31-day months— and the final instalment repays the capital with no capitalised amount at all. The €60.90 per €1,000 announced in the example does not appear in the schedule. Nor is there an opening date, a minimum investment or a rating.

Asset description, construction progress and sales traction

The Paris asset is 86.8 m² of ground-floor premises on rue Vauvenargues, valued at €650,000, around €7,558/m². Of that area only two 20 m² offices are let, with leases until February 2032, and the fact sheet attributes €33,600 of annual rent to the whole unit. The Aubervilliers asset is around 392 m² of offices and warehouse space, let to the association Aurore until January 2030 and valued at €600,000, €1,527/m²: five times less per square metre.

Together the two bring in €80,400 a year in rent, while the loan's payment schedule adds up to around €88,000: the rents do not cover the coupon. Repayment depends on selling the two properties or other assets of the group, with no sales mandate signed and no sale process under way.

Financial structure, coverage ratios and security

The issuer is B2H Invest, incorporated on 5 February 2025 with €1,000 of capital, and its balance sheet at the end of 2025 is exactly that: €1,000 of cash and €1,000 of equity. The properties are held by the SCI Les Choups, which carries them at €233,653 of fixed assets, with €97,641 of equity, €151,674 of debt and a 2025 profit of €40,465.

The security does not include a mortgage: a security trust over the shares of the SCI and the rent receivables, in favour of Raizers on behalf of the lenders, and a notarised personal guarantee from the sponsor. The 64% LTV comes from dividing the €800,000 by the €1,250,000 sale price of the two assets, 5.4 times the value at which the SCI carries them on its books. There are also two names for the same person: the fact sheet calls the sponsor Daniel Bensimon and, when introducing the operator, David Bensimon, and the guarantee is in Daniel's name. And two figures for the portfolio: more than €50 million in the introduction and close to €95 million in the operator section, of which €50.3 million is his.

Non-sophisticated investors have a four-calendar-day reflection period to revoke their offer without penalty. This is crowdfunding, not a deposit or a guaranteed savings product: it carries a risk of illiquidity and of total or partial loss of the principal, it is not supervised by the CNMV or the Bank of Spain and it is not covered by Directives 2014/49/EU and 97/9/EC. Investors may not recover the capital they contribute.

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