Our conviction We consider the Les Jardins d’Arcadie residence in Arras to be a project with real coherence in the market for senior living residences with services. Its appeal rests on the combination of a city-centre location, a renovated heritage complex and a range of homes and services designed to preserve residents' independence. Housed in the former Couvent des Augustines, rue Pasteur, the residence benefits from proximity to the shops, services and social venues of the historic centre. In our view this location is a decisive asset: it allows residents to keep their habits, make their daily journeys easier and maintain an active social life. For the investor, this quality of use gives meaning to the property positioning of the project, complemented by operation under the Les Jardins d’Arcadie brand and a commercial lease with a firm term of ten years. The leading arguments A location in the heart of Arras' historic centre, at 13 rue Pasteur, close to shops, restaurants and services, allowing residents to enjoy a practical and independent daily life. A lively living environment close to the Grand’Place and the Place des Héros, which encourages outings and social exchange, beyond the activities offered within the residence. A TGV station within walking distance, making travel and visits from loved ones easier, an appreciated feature for maintaining family ties. A renovated heritage complex in the former Couvent des Augustines, combining the architectural character of the site with homes adapted to contemporary uses. This identity is a differentiating element in the local residential offer. A residence of 103 homes under the lease, with an offer of T2 and T3 apartments from 47.10 to 75.60 m², meeting the expectations of single people and couples who want to keep a genuine living space. Furnished and equipped apartments, complemented by social and leisure spaces: television and library area, gym, beauty area, gardens and cloister. These facilities contribute to the enjoyment of the stay and to residents' social life. Operation entrusted to the company Les Jardins d’Arcadie Exploitation, allowing the owner to delegate the day-to-day management of the home and the welcoming of residents. A commercial lease with a firm term of ten years from its effective date, offering the investor a long-term contractual horizon. An announced yield of 4.20% excl. VAT, calculated on the total price excl. VAT including the property, the furniture and, where applicable, parking, before the investor's own charges and taxation. Rents payable quarterly in arrears, with annual indexation based on the IRL under the tiered mechanism provided in the lease. The operator takes care of routine maintenance, necessary upkeep and replacement of furniture, as well as the condominium charges provided for in the contract, making the investment easier to manage. Our opinion We consider Les Jardins d’Arcadie in Arras a residence whose heritage value rests above all on the quality of its location and its fit with the expectations of seniors. The proximity of amenities, the floor areas offered and the shared spaces form a coherent whole for residents who wish to combine independence, comfort and conviviality. The combination of renovated heritage in the town centre, a specialised operation and a ten-year lease commitment is, in our view, a relevant positioning for an investor seeking a character property with delegated management. Studio operated by Gestetud Commercial lease until 07/ (please use the form to respond ) Deed signing (actabilité): T3 (please use the form to respond ) DAT: T3 (please use the form to respond ) Yield: 4.20% excl. VAT Fees: SAPHIR Estimated property tax: €15/m² Investment expressed excl. VAT (VAT borne by the developer). RE 2020