Raizers Raises €440,000 in Eleven Days to Buy and Refurbish Villa Bagatelle in Arcachon

06/10/2026 – ⏱ 3 min

The issue replaces equity and ranks behind the bank loan, with no mortgage over the villa and no rate or term published

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

Raizers has completed a €440,000 bond issue for SAS KARE, which will buy and refurbish Villa Bagatelle, an 1870 house on Avenue Sainte-Marie in Arcachon, on the French Atlantic coast. The raise took eleven days, at €28 per minute: the third consecutive closing of an operation outside Spain below €100 per minute, against the minutes or hours Spanish raises take.

Before turning to the project it is worth saying what the fact sheet does not publish, because these are essential figures: there is no interest rate, no term for the issue, no purchase price for the villa and no total cost for the operation. Investors must verify them in the contractual documentation.

The structure is what matters most to understand. The €440,000 does not directly finance the purchase: it covers part of the equity the operation's bank loan requires. That means Raizers' investors hold no mortgage over the villa and their money ranks behind the bank. Repayment will come from selling the refurbished house, and rests on notarised personal guarantees from Sébastien Devaux and Sylvie Montexier and an on-demand guarantee from SAS LAVEO. There is no valuation, no LTV and no LTC.

And here is the figure that weighs most: the published balance sheets are small relative to the amount raised. SAS KARE closed 2025 with €74,770 of equity — some six times less than the issue — after losses of €28,952 in 2025 and €99,576 in 2024, a year in which its equity was negative. The guarantor LAVEO had €72,047 of equity, 16.4% of the €440,000, and €713,167 of financial debt. An on-demand guarantee is ultimately worth whatever the balance sheet of the party granting it is worth.

On the asset: the villa has 305 sqm of living space on a 1,549 sqm plot, and enclosing the terrace will take it to 340 sqm. The full refurbishment is budgeted at €751,000 excluding VAT and includes a lift, services, insulation, a 12 by 4 metre pool and a terrace of some 100 sqm. The purchase was scheduled for October 2026, the start of works for December and delivery for July 2027.

The projected sale price is €3,400,000, around €10,000 per sqm, between 17% and 20% below the market references of €12,112 to €12,532 per sqm that the platform itself cites. That is a prudent assumption and counts in the plan's favour. Against it: the villa has no pre-sale commitment, so repayment depends on placing it once finished.

The developer reports more than 50 operations in the Arcachon basin, and the latest, Elisée Reclus, sold in March 2026 for €2,100,000. The fact sheet does contradict itself on his record with the platform: one section refers to seven operations financed and six repaid, another to six financed and all repaid.

Investing in real estate crowdfunding carries the risk of losing part or all of your capital: the money is locked up until maturity, returns are not guaranteed and there is no deposit guarantee fund cover. No security eliminates that risk, and the outcome of the raise does not anticipate how the operation will end. Non-sophisticated investors have four calendar days of reflection to revoke their offer without penalty.

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Realty Investor

Your real estate crowdfunding, in one app.

Discover new opportunities. Invest through leading platforms. Manage your whole property portfolio from a single place.

The Realty Investor beta is now available. Explore the market, discover new projects and get to know the platform with simulated money, without putting in any capital.

Download the beta and start discovering a new way to manage your real estate investments.