A student investment with solid rental fundamentals, with an identified point of vigilance on the operator - Location The Les Estudines – Le Clos Beaumois residence enjoys a location that is particularly coherent with its student vocation, combining proximity to higher-education hubs, accessibility of the town centre and a calm residential environment: Close to Campus 1 of the University of Caen Normandy and numerous other higher-education institutions. A privileged position opposite the Abbaye aux Dames and the Regional Council, making it easy to reach the town centre and its various services. A particularly dense academic environment, including the University of Caen, the IAE, EM Normandie, ISEN, AFTEC, MBway, IPAC Bachelor Factory and the École Supérieure d’Arts & Médias. An urban setting offering easy access to shops, transport, services and Caen’s lively spots. In short: a location that is at once calm, central and connected to the university hubs, which in our view is the first element securing rental demand and the use value of the asset. - A functional residence specifically designed for the student market Operated under the Les Estudines brand, the residence meets the main uses sought by the student clientele: T1 and T1 bis apartments, corresponding to the typologies particularly in demand in this market. Furnished, functional homes with a living area and a kitchenette. Integrated services: Wi-Fi internet access, access control, reception and bicycle store. Additional facilities such as laundrette, car park, breakfast A positioning that reconciles the independence of the home with the services specific to a student residence. This match between the typology of the homes, the services offered and the needs of the student population is an important factor in assessing the durability of the operating model. - An LMNP investment underpinned by a structural rental market The Le Clos Beaumois residence brings together several fundamentals sought for a student residence investment: Delegated management under a commercial lease, sparing the owner day-to-day rental management. A location in a recognised university city, with a large student catchment and numerous higher-education institutions. Small furnished areas, particularly suited to students’ needs. A location consistent with the rental target, thanks to proximity to the campuses, the town centre and transport. The property asset therefore keeps a clear reading: a small furnished unit, in a dedicated residence, within an established student market. - A point of vigilance to factor in: the situation of the operator Our analysis must nevertheless transparently take into account the current situation of the Réside Études group, to which the Les Estudines brand belongs. Certain companies in the group were subject to safeguard procedures opened at the end of 2023. Recovery plans have since been adopted in June 2025, meaning the situation must be monitored over time and warrants particular vigilance. This situation should not, however, be confused with the relevance of the student market, nor with the intrinsic qualities of the residence. Les Estudines remains a brand historically well established in the French student residence market, and the operation continues. Our assessment is that of an operator that retains operational credibility and significant sector experience, but whose financial position now calls for heightened monitoring. For the investor, this distinction is essential: the quality of the property asset and its location form the foundation of the investment. Conclusion : The Les Estudines - Le Clos Beaumois residence in Caen retains, in our view, interesting property and rental fundamentals: A strategic location, close to the town centre and the main university hubs A residence specifically designed and adapted for the student clientele A set of services contributing to rental appeal An established and diversified Caen student market An operation under a historic student-housing brand Our reading is therefore positive on the property asset and its rental potential, but deliberately cautious on operator risk. This distinction matters: it allows the property to be assessed not only on the yield offered today, but on the three fundamentals that determine its value over time: location, depth of the student rental market and durability of the operating model. Please note: at lease renewals, a contribution from the owners may also be requested for upgrading the furniture, comfort equipment and decoration, in order to preserve the commercial appeal of the residence and its positioning. Apartment - Studio - 1 person Les Estudines - Lease expiry June 2028 Fees: SAPHIR Property tax: €217 EPC: in progress The rent is expressed excluding the 2.9% contribution on rent excl. VAT, intended for the future renewal of equipment and furniture.
