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Our expertise

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Our expertise

Real estate professionals

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    Real estate transactions

    We advise clients on the tax aspects of their real estate transactions, on the buy side as well as the sell side, whether asset deals or share deals. We act on every type of project (core, value added and others) and every asset class (residential, offices, logistics and others). Our work covers the structuring of the transaction, due diligence and modelling, as well as the negotiation of the contractual documentation.

  • 02

    Property dealer transactions

    The firm offers dedicated support to property dealers. We handle in particular questions of VAT (classification of properties, VAT on the margin and others) and of registration duties (undertaking to build, undertaking to resell and others). We also advise on the tax issues arising from construction taxes (development tax, the Île-de-France office and commercial construction tax and others).

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    Real estate development

    We act in support of property developers at every stage of their operations (land acquisition, construction, sale of the units). We advise them on the tax issues specific to those operations, in particular as regards VAT, registration duties and construction taxes.

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    Investment funds

    The firm advises on the taxation of real estate funds (OPCI, SCPI) and of other regulated investment funds (SLP, FPCI, FCPR and others). We advise clients on structuring and handle the tax aspects of both ordinary and exceptional transactions. The firm also assists its management company clients on the tax issues facing their investors.

Private clients

  • 01

    Real estate acquisitions and transfers

    We assist clients in structuring all their real estate acquisition projects, whether property for their own enjoyment (a main or second home) or acquisitions forming part of their wealth. We also advise on the tax-efficient transfer of real estate wealth to the next generation.

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    Rental income and real estate capital gains

    We advise private investors on every issue arising from the taxation of real estate income and capital gains, whether under the property income regime, the furnished letting regimes (LMP and LMNP) or specific tax incentive schemes.

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    Real estate wealth tax (IFI)

    The firm advises on real estate wealth tax ahead of transactions, in order to analyse their impact and determine the most efficient structure. We also assist clients in the event of a tax audit, in particular on issues relating to the valuation of real estate.

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    Tax returns and filings

    We assist clients in preparing their income tax returns whenever these include a real estate component. We also prepare real estate wealth tax returns and handle the filing obligations arising from the tax on the market value of properties.

Hospitality

  • 01

    Hotel transactions

    We advise clients on the tax aspects of their acquisitions and disposals of hotel and serviced-accommodation assets, in asset deals as well as share deals. Our work covers the design of the acquisition structure, tax due diligence, review of the financial models, negotiation of the tax provisions in the legal documentation and the follow-up of post-completion formalities.

  • 02

    Taxation of hotel operations

    We advise hotel and serviced-accommodation operators — serviced residences, tourist residences — on the tax issues arising from the operation of their establishments. We assist them in particular on the legal and operational structuring of the services they supply, notably as regards VAT and qualification as serviced accommodation.

  • 03

    Property and business assets

    We advise on separating the property from the business, whether the reason is one of wealth planning or of financing. Our work covers the choice of structure — direct ownership, a dedicated vehicle, a finance lease —, the tax regime of hotel leases and the treatment of royalties and of flows between group entities.

  • 04

    Local taxation

    We advise on the local taxes specific to hotel establishments: property tax, the local business tax and the annual tax on offices in the Île-de-France region. We assist clients in reviewing the tax bases and, where appropriate, with claims and litigation.

Commercial real estate

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    Acquisition of operating real estate

    We advise businesses on structuring their real estate projects. We advise them on the best acquisition strategies and on the associated tax implications (direct taxes, VAT, registration duties, real estate taxes and others), in particular where substantial works are involved. Our work covers both direct acquisitions (by the company itself) and indirect ones (acquisition by the business owner, then made available to the company by way of a lease or a split of ownership).

  • 02

    Taxation of leases

    We deal with the tax aspects of commercial and professional leases, in particular those relating to VAT. We also advise on the tax regime of specific forms of lease, notably real estate finance leases, building leases and long leases, from the moment they are entered into until they expire.

  • 03

    Disposal of operating real estate

    We advise businesses on the disposal of their operating real estate (share deals and asset deals). We analyse the tax consequences and conduct the negotiation of the tax and financial issues with the purchasers.

  • 04

    Local taxation

    We advise businesses on the local taxes attaching to their operating real estate: property tax, the local business property tax and the office tax. We review the tax bases and secure the filings, and act on claims and litigation where the values adopted by the tax authorities need to be challenged.

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Our method

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Our flagship work

Hotel transaction
01

Hotel transactions

One of the firm's principal activities is advising clients on the acquisition and disposal of hotel assets. The experience gained in this field gives us a thorough understanding of what sets these transactions apart, and of the market practices specific to the hospitality sector. We act at every stage of the transaction: due diligence, financial modelling, legal and tax structuring, SPA negotiation, putting bank financing in place and post-closing matters.

Property dealer transactions
02

Property dealer transactions

The firm advises many property dealers throughout their transactions, from the feasibility study to completion. Each project is considered in every dimension: its business model, its delivery timetable and its financing arrangements. We advise in particular on defining the legal and financial structure of the project, on managing undertakings to resell or to build, and on the consequences for real estate VAT and planning taxes.

Owner buy-out
03

Owner buy-out

The firm advises clients on designing and carrying out real estate owner buy-out (OBO) transactions. Each project begins with an assessment of whether it is appropriate and workable, in light of the characteristics of the asset, the tax cost of the disposal, the family's wealth objectives and the financing terms available. We handle the legal and tax structuring and completion of the sale with the notaries, with particular attention to the banking side: financial modelling, preparation of the credit file and negotiation with lenders.

Private real estate
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Private real estate

The firm has developed a practice dedicated to private real estate, advising individuals and families, whether French residents or not, on acquiring assets in France for their own use or for income. Each transaction is structured around the purchasers' family and wealth situation, the intended use of the property, its financing and their objectives for holding it or passing it on. We advise on the legal and tax structuring of the acquisition, on its financing, on the taxation of income and capital gains, and on IFI wealth tax and succession issues.

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