Pre-opening | Raizers finances €450,000 of the land acquisition for a 16-home residence sold in bulk to a social housing entity in Sausheim (France)

13/07/2026 – ⏱ 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 is preparing a real estate investment opportunity in Sausheim (France), in the first ring of Mulhouse. The operation consists of the construction of a 16-home residence, promoted by CITY INVEST and sold entirely in bulk to the social housing entity 3F Grand Est, a subsidiary of the Action Logement group. Raizers has been engaged to finance the land acquisition for an amount of €450,000. Investors should keep in mind that any reference to return is inseparable from the corresponding risk, which is described below.

Financial Terms of the Operation

The Raizers loan amounts to €450,000, intended for the land acquisition, whose purchase price is €434,800. The bond issue provides for early repayments: the amortization of 50% of the capital at the «Hors d'Eau» funds call, scheduled for October 2027, and the amortization of the remaining balance at the «Hors d'Air» funds call, scheduled for November 2027. The operation has the notarial personal guarantee of the director, Cédric Bihler, and autonomous first-demand guarantees (GAPD) notarized by the SCCV Domaine de la Fontaine and by the parent company Groupe BCF.

Asset Description, Marketing and Timeline

The asset is a building of 16 homes distributed over three floors (ground floor, first floor and penthouse), comprising six two-bedroom homes, six three-bedroom and four four-bedroom, and integrating eight subsidized homes (PLAI/PLUS) and eight intermediate rental homes (LLI). Each home has a private outdoor space, and the project includes 16 basement garages, outdoor parking spaces and a bicycle room. It is located on Rue Jean de la Fontaine, in Sausheim (68390), a municipality of about 5,700 inhabitants in the Mulhouse conurbation, with access via the A35 and A36 motorways and proximity to the EuroAirport Basel-Mulhouse and the Mulhouse TGV station. The entire project is sold in bulk to 3F Grand Est through an off-plan sale (VEFA); the reservation contract was signed before a notary on 30 April 2026 and the signing of the VEFA deed is scheduled for the fourth quarter of 2026. Works will begin in December 2026, with delivery expected in October 2028 and a budget of €1,717,288 excluding VAT (approximately €1,661/m²).

Capital Structure, Coverage Ratios and Collateral

The Raizers loan of €450,000 stands against a land acquisition price of €434,800 (LTA of 103%), a production cost of €2,492,884 (LTC of 18%) and an expected sale price for the scheme of €3,037,282 (LTV of 15%). The operation is carried out by CITY INVEST, a simplified joint-stock company incorporated in 2007 and registered with the Mulhouse Commercial Register; the SCCV Le Domaine Fontaine, which executes the operation, is 99.9% owned by its parent company, SC Groupe BCF, in charge of the bond issue. Repayment is secured by the notarial personal guarantee of Cédric Bihler —with a declared net worth of €4.7M— and by the notarial first-demand guarantees of the SCCV Domaine Fontaine and SC Groupe BCF. Raizers indicates that it has previously collaborated with the group on six projects, all of them repaid ahead of schedule. Among the points to bear in mind, the platform itself notes that the current geopolitical situation could affect the works.

In compliance with the European Crowdfunding Regulation (EU) 2020/1503, it is recalled that non-experienced investors have a four-calendar-day pre-contractual reflection period during which they may revoke their investment offer at no cost and without justification. It is also warned that this is a participatory financing product —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 the invested capital. This project is not supervised by the CNMV or the Bank of Spain, and the invested capital is not covered by the deposit guarantee fund or the investor compensation scheme.

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