Bonds — Strategy
Contractual income. Real estate security. European diversification.
A fixed-rate bond providing access to a diversified portfolio of senior secured private real estate debt.
- 10.5%
- Fixed annual coupon under the terms of the notes
- Semi-annual
- Distribution frequency defined in the documentation
- €100m
- Target portfolio
- 5 years
- Compartment life
What the strategy actually does
Lending against real estate, not buying it.
An investor in this bond does not buy property. The strategy finances selected European real estate operations through senior secured private loans, seeking contractual income supported by real assets, negotiated protections and active monitoring.
Income is sought primarily through the interest and fees paid on those loans, rather than through any expectation of future increases in property prices. Each loan is assessed on the borrower, the asset, the security package and the way that security could be enforced.
Target portfolio
Two allocations, with limits set in advance.
The figures below are strategy targets and limits, not a composition that has already been built.
70%
Developed assets
Stabilised or income-producing properties. Maximum 75% loan-to-value.
30%
Development / value-add
Development or repositioning projects. Maximum 80% loan-to-cost, with milestone-based drawdowns.
The market segment
Where the strategy chooses to lend.
- Selective bank financing
- Bank credit for mid-sized real estate operations is granted selectively, and sound projects can remain unfunded or partially funded.
- A segment larger lenders often overlook
- Larger operators frequently concentrate on larger transactions, leaving room in the middle of the market.
- €500,000 – €15 million
- The financing range the strategy targets, transaction by transaction.
- Room to negotiate
- Operating in this range allows protections and pricing to be negotiated, and exposure to be diversified across several transactions.
Protection
Designed around protection, not market speculation.
- 01
First-ranking mortgage
Security taken over the financed property, ranking first.
- 02
Pledge over the shares of the asset SPV
A pledge over the shares of the vehicle holding the asset, in addition to the mortgage.
- 03
Senior secured positioning
The loan sits senior in the capital structure, above the sponsor's equity.
- 04
Milestone-based disbursement
For development loans, funds are released against verified progress rather than up front.
- 05
Active monitoring
Financial, real estate, legal and technical monitoring through the life of each loan.
These protections are designed to reduce risk; they do not eliminate it and they are not a guarantee against loss. A borrower may default, collateral may lose value and enforcement takes time.
Issuance details
The technical sheet of this issuance.
Digital administration and traceability are supported by a permissioned blockchain. The issuer's official register, kept off-chain, together with the issuance documentation, remains legally authoritative. The digital record is not a cryptocurrency.
- Issuer
- CGPH Securitisation SA – Compartment I
- Structure
- Luxembourg securitisation compartment
- Target portfolio
- €100 million
- Investment period
- 18 months
- Life
- 5 years
Risk
What this page does not promise.
This page is descriptive information for professional investors. It is not an offer, a solicitation or investment advice, and it does not replace the documentation of the issuance, which prevails in all cases.
Investment involves risk. A position may be illiquid, neither capital nor income is guaranteed, and the coupon is payable only under the terms of the notes.
Next step
Review the opportunity.
If you qualify as a professional investor, we will verify eligibility and share the issuance documentation, including the terms and conditions of the notes and the risk factors.