Urban recycling · Direct lending

Real Estate & Private Debt

Two sides of one conviction: through UL Immo we buy obsolete buildings and rebuild them into modern workplaces and quality homes, and we lend directly, from our own balance sheet, to the real-estate professionals we know best.

Get in touch Our other activities

€3–50M
Project size
Per project, multi-asset
Paris · IDF
Geography
Intramuros & first ring
Value-Add
Strategy
Core+ short-hold horizon
100%
UL-owned
UL Immo, Paris office

Urban recycling. End to end.

Buy the bones
We acquire obsolete buildings with strong structural potential: warehouses with generous ceiling heights, garages on prime streets, halls with patrimonial value. The programme has run its course; the structure has not.
- Strong bones
- Prime locations
- Adaptable structure
Reimagine the use
We unlock value by changing the use: warehouses become offices, garages become workspaces, boxing halls become open-space. Each transformation is led by what the site can become, not by what it once was.
- Change of use
- Multi-asset
- Site-led design
Deliver the standard
Every project targets BREEAM Very Good to Excellent, RT 2012 and WELL where relevant. Deep retrofits and disciplined exits: measurable energy and carbon improvements on each delivery, controlled through UL Invest's own capital.
- BREEAM VG+
- End-to-end control
- Disciplined exit

One discipline. Every project.

The method

We acquire obsolete buildings with strong bones in central Paris and its first ring, and rebuild them into modern workplaces and quality homes.

Warehouses with generous ceiling heights, garages on prime streets, halls with patrimonial value, buildings whose structure is intact but whose programme has run its course. We change the use entirely, restructure heavily, and deliver to BREEAM Very Good to Excellent.

Being 100% backed by UL Invest's own capital means we control each project from design through delivery: adaptable on acquisition structuring, on carry, and at exit. No fund-cycle pressure, no compromise on the standard.

€3–50M
Project size
BREEAM VG+
Standard
100% UL
Capital

Investment criteria

Value-Add · short-hold

Tickets€3–50M per project
StrategyValue-Add · Core+
HoldShort-term horizon
TenancyMono or multi-tenant · short WALB
OwnershipFull ownership or co-ownership
StandardBREEAM Very Good to Excellent

Programme led by the site, not the other way around.

We are not specialists of one programme, we are specialists of the obsolete-asset opportunity. The right answer comes from the site, the planning context, and the surrounding market.

Offices
Workspaces redesigned for hybrid work: restructured offices, converted ateliers, garages and halls.
Residential
Free-market and intermediate housing: new builds, vertical extensions, deep rehabilitations.
Managed residences
Co-living, student and senior residences operated by best-in-class partners (e.g. INLI on Pajol).
Urban logistics
Last-mile infrastructure, urban warehousing repositioned for the modern delivery economy.
Hospitality
Hotels and boutique stays, restructured patrimonial assets and new operations.
Retail
Ground-floor and high-street commerce, anchoring mixed-use programmes at street level.

Private Debt

Financing those who build.

Alongside our real estate activity, we lend directly to the professionals we know. Own capital, fast decisions, controlled exposure: we lend senior, backed by real collateral.

Every file is underwritten on its own terms, and we structure club deals with our financial partners where the operation calls for scale.

Target assets