Yannick — France SONG Capital Origination Pack
As discussed on 31 March 2026, enclosed are the institutional-grade deal sheets for the three priority French targets identified during our call, plus the full France pipeline overview. Each deal sheet contains SONG scoring, debt structure analysis, credit box fit, contact maps, fee projections, and recommended next steps. All documents are tagged [AI-DRAFT] and require GCCP partner review before any external use.
Praemia Healthcare
Facility: €400–700m
Product: Term Loan (20yr) / Ground Debt (30–55yr)
Fee @1%: €4.0–7.0m
Lead: JH
Key: BBB+ rated, 159 assets, Hamberley precedent
Carrefour SA
Facility: €300–500m
Product: Ground Debt (bail emphytéotique, 30–55yr)
Fee @1%: €3.0–5.0m
Lead: AS
Key: BBB/Stable, 0.88x leverage, Morrisons template
Paris Habitat
Facility: €200–400m
Product: Ground Debt (bail emphytéotique, 30–55yr)
Fee @1%: €2.0–4.0m
Lead: AS
Key: City of Paris (AA-equiv), 128,698 units, Segat access
| # | Target | Sector | Score | Tier | Facility | Fee @1% | Lead |
|---|---|---|---|---|---|---|---|
| 1 | Praemia Healthcare | Healthcare RE | 8.34 | GO NOW | €400–700m | €4–7m | JH |
| 2 | Sonnedix | Solar | 8.40 | GO NOW | €200–250m | €2–2.5m | AS |
| 3 | Elsan | Healthcare Ops | 8.10 | GO NOW | €300–400m | €3–4m | DM |
| 4 | Akuo Energy | Solar | 8.10 | GO NOW | €200–240m | €2–2.4m | JH |
| 5 | 3F / Action Logement | PRS | 7.95 | GO NOW | €300–600m | €3–6m | JH |
| 6 | Argan SA | Industrial / Logistics | 7.94 | GO NOW | €400–600m | €4–6m | CB |
| 7 | In'li | PRS | 7.84 | GO NOW | €150–300m | €1.5–3m | JH |
| 8 | TDF Group | Towers | 7.83 | GO NOW | €400–600m | €4–6m | AS/DM |
| 9 | Carrefour SA | Grocery | 7.76 | GO NOW | €300–500m | €3–5m | AS |
| 10 | Boralex France | Onshore Wind | 7.73 | GO NOW | €300–500m | €3–5m | AS |
| 11 | Altitude Infra | Fibre | 7.65 | GO NOW | €200–400m | €2–4m | AS |
| 12 | Paris Habitat | PRS | 7.60 | GO NOW | €200–400m | €2–4m | AS |
| 13 | ADP (Groupe) | Aviation | 7.60 | GO NOW | €300–500m | €3–5m | AS |
| 14 | XpFibre | Fibre DSP | 7.55 | GO NOW | €300–500m | €3–5m | AS/DM |
| Tier | Count | Total Facilities | Fee @1% | Status |
|---|---|---|---|---|
| GO NOW | 14 | €3.5–5.9bn | €42–72m | Active origination — approach in progress |
| VERIFY | 22 | €5.0–9.2bn | €50–92m | Research complete — confirmation required before approach |
| BUILD | 18 | — | — | Early-stage — monitoring for promotion triggers |
| H9 / PASS | ~10 | — | — | Hard rule breach — not actionable without structural change |
Next Steps — GCCP × Segat
1. Yannick to confirm Cathal entity name, sector, and portfolio details — enabling full deal sheet generation.
2. Segat to activate Paris Habitat approach via mayoral relationship — procurement legal opinion to be commissioned in parallel.
3. GCCP to commission French bail emphytéotique legal opinion (Gide / Mayer Brown Paris) — required for both Paris Habitat and Carrefour Ground Debt.
4. Praemia Healthcare approach via JH French institutional network — CFO identification in progress.
5. Segat to explore heating networks and TGV PPP opportunities for SONG origination — per 31 March discussion.