Gide assisted the management company Novaxia Investissement in the structuring of the SCI Novaxia R, the first real estate investment fund dedicated to the recycling of offices into housing offered as unit-linked life insurance contracts .
This fund aims to mobilize part of the savings invested in life insurance (€1,800 billion at the end of 2020) in order to respond to three major societal challenges: the housing shortage which has become even more acute with the sanitary crisis, the anticipated decrease in demand for offices due to telecommuting, and the need to reduce the carbon footprint associated with housing construction.
The Novaxia R fund aims to produce 4,000 accommodations over the next few years, representing a €1,3 billion of investment from the transformation of 180,000 square meters of obsolete or vacant office space.
The Novaxia R fund has just been listed as a unit-linked investment in life insurance contracts marketed by Suravenir and will soon be offered by other insurers.
The team was composed of Benjamin Delaunay, counsel, and Jennifer Chossis, associate, on the structuring of the fund and on the regulatory aspects related to its distribution, and Alexandre Bochu, counsel, on the tax aspects.
"Due to the rise of telecommuting, 3 to 6 million square meters of office space could become available. This vacancy is a potential source of future value for investors. Novaxia R is a virtuous solution that aims to reconcile the potential profitability of savings, the response to the housing shortage and respect for the environment. We are innovating with this savings solution dedicated to developing investment in urban recycling for the benefit of the greatest number of people, eligible for life insurance." Joachim Azan, President and founder of Novaxia.