[#PAFh] "When you take into account the client from the beginning, the business model comes out of it, and it necessarily works, and you find the levers to make it work"

François Roth: it is a new asset class for several reasons. The underlying behind is not related to an age or population class. It is defined as being open to all. It's going to be from the student to the retiree, the senior. We are really on an underlying housing market, on a very deep market. We go to job centres, to metropolitan areas. Behind this, the enormous advantage for an investor is that we have a relationship with him that is tertiarized, which means that he will have a commercial lease, the comfort of a very long-term commitment, with or without an incentive to outperform, for example. In fact, whether he signs with us, a hotelier, a student residence, or a business or offices, it's exactly the same for him. We really do the whole interface between the two. So the underlying risk in the analysis is really that of housing, and the relationship is tertiary for an investor.

But isn't that what we used to do in the hotel business, namely to put an operator level between the customer and the owner?

FR : Completely, and perhaps this is also the case for coworking. The biggest thing we have in common with the two asset classes is that today we have a complete de-correlation between the user's need, which is all-inclusive, flexible, and the investor's need to spend as little time as possible on the transaction and have a very long visibility on his cash flows. So the operator, whether it is co-working or co-living, he takes this risk of vacancy, marketing, management, unpaid bills... and he acts as an interface between the two.

What about co-working?

Céline Léonardi: On the new asset class side, I would not necessarily say that...