Nature of Business

Consultim is the leading French platform for speciality rental real estate products, exclusively sold through independent private investment advisers (IPIA). The business has seen strong growth in recent years, driven by the demand for retirement homes, the expanding tourism industry and under-capacity of student accommodation. With its well-established, niche product, Consultim enjoys a leading and defensible market position within the French real estate investment market.

Consultim was formed in 1995 as an independent wholesaler of tax-incentivised rental real estate products, marketed exclusively through the IPIA channel. The business also operates through the website: www.cerenicimo.fr

Investment Overview

We were introduced to CEO Benjamin Nicaise in 2006 during his search for a financial partner to help develop and grow his business. Our sector experience and recent success with French property website, Se Loger, was instrumental in building a relationship with close alignment and we were chosen to partner with Consultim. We invested c.€18m for a minority stake to help tap into the fast-growing underlying markets and fund new residential investment products.

We have worked closely with the business since our investment, in particular with the CEO/founder to reinforce the management team and put in place a strong governance. We have also shared with the company our network in the real estate and financial services sectors.

Despite the impact on the financial services sector from the credit crunch, Consultim has performed well and doubled its sales and profitability between 2006 and 2011.

_{Regulatory notice: This transaction involved a recommendation of 3i Investments plc, advised by 3i France.}