Inovalis

What Inovalis does

Inovalis S.A. is a Paris-headquartered, privately held European real estate investment and asset management group that operates as an AMF-licensed portfolio management company (GP-10000009) under the EU AIFM Directive. The group manages €7B+ in assets through more than 35 real estate funds and offers three integrated service lines: Investment Management (deal sourcing, structuring, and exit execution), Asset Management (tenant relations, lease restructuring, ESG repositioning), and Real Estate Development (co-development partnerships such as the Convergence project with Danone in Rueil-Malmaison). Its regulated vehicles include French OPPCI funds and Luxembourg SIFs reserved for professional investors, the Toronto-listed Inovalis REIT (TSX:INO.UN) focused on French and German offices, SPV co-investment vehicles, and SCPI products (Eurovalys, Elialys, Renovalys, Advenis Immo Capital) distributed through Advenis life-insurance wrappers to private wealth clients.

The group serves institutional investors, family offices, sovereign wealth funds (notably from the GCC/Middle East via the Shariah-compliant Global Wakala Trust Program distributed with Investment House in Qatar), banks, insurance companies, and retail/private wealth clients. Revenue is generated through a mix of recurring fund management fees, performance fees (cited historical IRRs of 17% on closed funds, 13% on open funds since 2001, 31% on development projects since 2011), rental income from directly held office portfolios in France, Germany, Spain, Italy, the Netherlands and the UK, transaction fees on property disposals (e.g., €14M Baldi sale in 2025), and development profit participation. Geographic reach spans seven countries with 320+ employees, and the REIT subsidiary constitutes a separately listed, publicly traded vehicle within the otherwise privately held group structure.

The underlying operating model is local-proximity asset management: integrated teams in Paris, Luxembourg, London, Madrid, Milan and partner networks in the GCC source off-market assets, execute value-add repositioning (LEED Platinum at Eurocomsur Malaga, LEED Gold at Techpark Malaga, HQE/BBC at Gaia Nanterre, BREEAM at Boulevard des Italiens), and lease to enterprise tenants including Danone, Sopra Steria, TDK, Goodyear, Junta de Andalucía and Boutique Workplace Company. The group differentiates on the combination of AIFM regulatory licensing, 25-year track record (400+ transactions since 1998), an exclusive GCC distribution partnership, and full lifecycle integration from acquisition through development and exit.

Name

Inovalis

Legal name

INOVALIS S.A.

Website

https://inovalis.com

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

251–500 employees

Short description

Inovalis is a Paris-based, AMF-licensed European real estate investment and asset management group managing €7B+ across 35 funds (OPPCI, SIF, REIT, SCPI), serving institutional investors, GCC sovereign/family offices, and private wealth clients across France, Germany, Spain, Italy, UK, Netherlands and the US.

Ownership category

akta.pro rank

Product category

Real Estate Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525), Other Financial Vehicles (52599)

SIC

Investment Advice (6282), Real Estate Agents & Managers (For Others) (6531), Real Estate Investment Trusts (6798)

akta.pro primary industry

Real Estate Portfolio & Fund Management (Institutional/REIT/PE) (BPAJAMAJ)

akta.pro secondary industries

Real Estate Investment Advisory (Acquisitions/Dispositions, Capital Allocation) (BPAJANAA), Real Estate Due Diligence & Underwriting Advisory (Financial/Operational) (BPAJANAG)

Keywords

• Real estate investment
• Asset management
• Property development
• Fund management
• Commercial real estate

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Fund Management Fees: Management fees generated from managing regulated investment funds (OPPCI, SIF) and the REIT. The group structures, manages, and provides advisory services for real estate investment vehicles for institutional and professional investors.
2. Performance Fees: Performance-based fees from closed and open-ended real estate funds. Historical returns cited: 17% profitability on closed funds, 13% on open funds (since 2001), 31% on development projects (since 2011).
3. Real Estate Development Revenue: Development profit participation through co-development partnerships. Example: Convergence project in Rueil-Malmaison developed with Emergie, delivered to Danone as anchor tenant for 130 million euros total development cost.
4. Rental Income: The Inovalis REIT generates rental revenue from its office portfolio in France and Germany. Q1 2026 rental revenue was $2,813 thousand from the Total Portfolio, with occupancy at 57.0%.
5. Property Disposal Gains: Capital gains from selling real estate assets. The REIT completed a 14.0 million euro sale of the Baldi property and is actively marketing properties for sale to manage debt maturities.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

Inovalis structures and manages regulated real estate investment funds (OPPCI, SIF) and provides real estate investment advisory services for institutional and professional investors across Europe. The group covers the full property lifecycle through three integrated service lines: Investment Management (deal sourcing, structuring, financing, exit execution), Asset Management (tenant relations, lease optimization, ESG certification, value creation), and Real Estate Development (co-development partnerships, rehabilitation, ground-up construction). It also operates the Inovalis REIT (TSX:INO.UN) and SCPI products distributed via life insurance.

Product overview

Inovalis is a real estate investment and management group operating across Europe with €7 billion in assets under management. The company offers three core services: Investment Management (asset identification and structuring), Asset Management (property optimization), and Real Estate Development. The portfolio includes multiple investment vehicles: OPPCI (regulated French professional funds), Inovalis REIT (TSX-listed), SPV entities, and SIF (Luxembourg fund). Through subsidiary Advenis, the group offers SCPI products including Eurovalys (German offices with ISR certification), Elialys (commercial), Renovalys (residential tax-focused), and Advenis Immo Capital (life insurance distributed). The group manages 35 real estate funds with operations spanning France, Germany, Spain, UK, Netherlands, Italy, and USA.

Differentiator

Problem solved

Functional benefit

Brands

• Eurovalys: SCPI (Société Civile de Placement Immobilier) investment vehicle with ISR classification, invested primarily in office real estate in Germany
• Advenis REIM
• EDEN SCPI

Products and services

• Investment Management Service Identification, selection, and structuring of real estate assets through deal sourcing, due diligence, financing, and execution of exit strategy for institutional and private investors.
• Asset Management Service Development of multidisciplinary strategy for optimization and valorization of real estate assets including tenant relations, lease negotiations, operational management, and environmental compliance.
• Real Estate Development Service Design and development of innovative real estate projects including co-development partnerships, renovation projects, and ground-up construction responding to territorial transformation needs.
• OPPCI Funds Professional real estate collective investment vehicles (Organismes Professionnels de Placement Collectif Immobilier) regulated by AMF in France, reserved for professional or qualified investors seeking European real estate exposure.
• Inovalis REIT Real estate investment trust listed on Toronto Stock Exchange under ticker INO.UN, focusing primarily on office real estate markets in France and Germany, providing public market access to Inovalis-managed assets.
• Eurovalys SCPI ISR-certified variable capital real estate mutual company (SCPI) investing primarily in German office real estate, distributed through life insurance contracts.
• Elialys SCPI Real estate mutual company (SCPI) investing in commercial real estate, distributed through life insurance contracts for retail and private wealth investors.
• Renovalys SCPI Fixed-capital closed-end real estate fund (SCPI) investing primarily in old residential properties in city centers of major French regions with tax-optimized structure.
• Advenis Immo Capital SCPI Cooperative company with variable capital (SCPI), marketed as investment units exclusively through life insurance contracts for retail and private wealth investors.
• SIF (Specialized Investment Fund) Specialized investment fund approved and supervised by Luxembourg Financial Sector Supervision Commission (CSSF) used for cross-border institutional investor structuring.
• Global Wakala Trust Program Shariah-compliant real estate investment program deployed in US community center assets in affluent neighborhoods with long leases, exclusively distributed in Qatar through Investment House since 2019.

Quantifiable outcome

• €7B+ assets under management or administration across 35+ investment vehicles
• +4 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Four partnerships are on record, tiered minor and core.

• CBREminorImplementation/ SI/ Consulting Partner · 3 November 2023CBRE acted as debt advisor for the Milan Assago Flower acquisition by Inovalis and its Middle Eastern partner. CBRE also supported the LEED Platinum certification process for Eurocomsur Malaga, providing advisory services on the environmental certification journey.
• element Real Estate (eRE)minorImplementation/ SI/ Consulting Partner · 3 November 2023element Real Estate acted as commercial advisor for the Milan Assago Flower acquisition. Inovalis successfully identified and secured this off-market asset matching the investment criteria of its institutional partners.
• LawalminorImplementation/ SI/ Consulting Partner · 3 November 2023Lawal served as legal advisor for the Milan Assago Flower acquisition. The transaction involved complex cross-border structuring between Inovalis, its Middle Eastern partner, and Italian sellers Ardian and Prelios.
• AdveniscoreStrategic or Co-development PartnerInovalis is the reference shareholder of Advenis Group, whose subsidiaries are dedicated to real estate investment product design, wealth management advisory, and real estate services. Advenis manages SCPI products (Eurovalys, Elialys, Renovalys) and operates as the group's retail distribution platform through insurance contracts. Inovalis and Hoche Partners PEI completed a tender offer and mandatory withdrawal for Advenis shares in 2022.

Scale indicators13 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Patrizia: European real estate investment manager with pan-European presence managing institutional capital across multiple strategies. Closely comparable to Inovalis in AUM scale, fund structure, and cross-border European investment focus.
• Catella: European real estate investment and asset management firm operating across Northern Europe with multiple regulated fund vehicles. Comparable to Inovalis in pan-European scope and institutional fund management model.
• Deka Immobilien: German-headquartered open-ended real estate fund manager with strong European office and commercial property exposure. Comparable to Inovalis in regulated fund management and continental European office focus.
• AG Real Estate: Belgian integrated real estate investment and asset management platform with institutional and retail fund offerings. Comparable to Inovalis in offering multi-vehicle regulated real estate funds across European markets.

Broad incumbents

• Union Investment Real Estate: Large German open-ended real estate fund manager part of Union Investment Group with substantially larger AUM. Comparable in regulated open-ended real estate fund structure but operates at much greater scale.
• Covivio: Major European listed REIT focused on offices, hotels, and residential in France, Germany, Italy, and UK. Comparable in pan-European office focus and French/German footprint but at much larger market cap.
• Gecina: Major French listed office REIT with concentrated Paris prime office portfolio. Comparable in French office focus and AMF regulation but operates only in France and at much larger scale.
• Icade: French listed REIT with office and healthcare real estate exposure. Comparable in French office investment focus and French regulatory environment but more diversified across healthcare and at larger scale.
• Schroder Real Estate: Real estate investment management arm of Schroders, offering closed and open-ended real estate funds across Europe. Comparable in institutional fund management and pan-European investment strategy as part of a larger asset manager.
• AXA IM Alts (Real Estate): Real estate investment division of AXA Investment Managers managing European real estate funds for institutional clients. Comparable in institutional fund management and pan-European strategy but at much larger AUM scale within a global asset manager.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/inovalis-asset-management-gmbh

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries4 records

Funding overview

Funding rounds1 record

Investors11 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Inovalis