Aurels Patrimoine
Institutional real estate structuring and ESG
You are placing a property asset in a dedicated vehicle: we choose with you the structure, its governance and its ESG criteria, for sound ownership throughout its life.
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Sound structuring, and your property manager focused on operations.
Direct ownership of a building by an individual or an operating company exposes the institutional investor to taxation and governance rarely suited to a long holding horizon. Using a dedicated vehicle, securitisation company, real estate SOPARFI or real estate undertaking for collective investment depending on the size of the project, addresses this constraint, alongside the expertise of the asset manager.
Choice of holding vehicle
The choice between a commercial company, a securitisation vehicle and a real estate undertaking for collective investment depends on the number of investors targeted, the degree of liquidity sought and the tax regime applicable to rental income as well as to the exit capital gain.
Integration of ESG criteria
The energy performance of the building, its exposure to physical climate risks and the governance criteria applicable to the vehicle itself are built in from the structuring stage, when they cost the least.
Example : an office building held in a securitisation company preserves its valuation when its energy performance certificate is anticipated in the vehicle’s documentation: building this criterion in from the structuring stage protects the governance of the structure once the asset is acquired.
Governance and institutional reporting
The reporting expected by an institutional investor, whether on valuation, leverage or alignment with a sustainability taxonomy, is built into the vehicle’s documentation from its incorporation, in liaison with the Impact Investing division when explicit ESG objectives frame the mandate.
Structuring independent of any rental management
Where the structured asset is also entrusted to the group’s property agency or building manager, the structuring advice remains documented separately from any rental management mandate, so that the structuring engagement and the operation of the property remain clearly identified.
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