Les 3 Colonnes

What Les 3 Colonnes does

Les 3 Colonnes is a French Société Coopérative d'Intérêt Collectif (SCIC) founded in 2013 and headquartered in Écully (Lyon metropolitan area), with a regional office in Hyères. It operates the proprietary Viager Solidaire® model, acquiring residential properties from elderly homeowners (typically aged 75+) through life estate arrangements that allow beneficiaries to remain in their homes while converting illiquid housing wealth into liquid capital. The company has supported 300+ beneficiaries across France and manages a portfolio of 500+ properties, financed through ongoing AMF-regulated public offerings.

The cooperative raises capital through three core investment products distributed via its proprietary VASCO online subscription platform and a network of independent wealth management advisors (CGP). Parts Sociales (Social Shares) carry a €2,000 minimum, a 25% income tax reduction for French fiscal residents, and a 5.5% TRI over five years. Titres Participatifs (Participative Titles) offer hybrid fixed/variable returns without voting rights, sized at €10 million per issuance. Obligations (Bonds), most recently Obligations 2033-2, offer a fixed 5% annual yield over a seven-year maturity with a €5,000 minimum. All products carry 0% entry, management, and exit fees versus a market average of 9%.

Les 3 Colonnes operates under ESUS and SIEG regulatory mandates, holds Finansol certification, and has secured institutional validation through Banque des Territoires' capital entry in 2018 and Crédit Mutuel Asset Management's €100,000 Parts Sociales subscription plus planned €1 million Titres Participatifs placement in November 2023. Recent offering activity has scaled aggregate capital capacity to up to €70 million across Parts Sociales 2025, Titres Participatifs 2025, and two Obligations tranches in 2026. The cooperative employs approximately 30 collaborators and is led by PDG and co-founder Sébastien Tchernia.

Name

Les 3 Colonnes

Legal name

LA SOCIÉTÉ COOPÉRATIVE D'INTÉRÊT COLLECTIF LES 3 COLONNES

Website

https://3colonnes.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

11–50 employees

Short description

Les 3 Colonnes is a French cooperative (SCIC) founded in 2013 that finances elderly homeowners' ability to age in place through its Viager Solidaire® life estate model, funding property acquisitions via regulated social investment products (Parts Sociales, Obligations, Titres Participatifs) distributed to individual and institutional investors across France.

Ownership category

akta.pro rank

Product category

Social Real Estate Investment

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Trusts, Estates, and Agency Accounts (52592)

SIC

Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

Independent Living Real Estate Owners/Operators (REITs & Management Companies) (HLADAAAG)

Keywords

• Solidarity real estate finance
• Elderly home care financing
• Cooperative investment products
• Social impact investing
• Viager solidaire

Headquarters

HQ city

Écully

HQ country

France

HQ region

Europe

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Supply Chain

Revenue model

1. Real Estate Acquisition and Management: The cooperative acquires residential properties through viager arrangements (occupied sale contracts) from elderly homeowners. Properties are managed during occupancy and sold when liberated. The value creation comes from property appreciation and rental income during the holding period.
2. Social Capital Instruments (Parts Sociales): Capital raise through cooperative shares offering 25% tax reduction on income tax. Minimum subscription of €2,000 with no entry, management, or exit fees. 5-year holding period required.
3. Obligation Issuances: Debt instruments offered to investors with fixed 5% annual yield, 7-year maturity. Minimum subscription €5,000, with first interest payment on April 15, 2027.
4. Participating Titles (Titres Participatifs): Hybrid instruments combining fixed and variable returns tied to cooperative performance. Previously issued at €10M maximum per offering.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core offering

Les 3 Colonnes is a Société Coopérative d'Intérêt Collectif (SCIC) that purchases residential properties from elderly homeowners through Viager Solidaire (occupied life estate) arrangements, allowing seniors to remain in their homes while converting property wealth into liquid resources. The cooperative finances these real estate acquisitions by issuing three solidarity investment products: Parts Sociales (social shares offering 25% income tax reduction), Obligations (bonds with 5% fixed annual yield), and Titres Participatifs (hybrid fixed/variable return instruments), all distributed with 0% entry, management, and exit fees.

Product overview

Les 3 Colonnes is a Société Coopérative d'Intérêt Collectif (SCIC) offering a portfolio of solidarity investment products centered around its Viager Solidaire (Solidarity Life Estate) model. The cooperative enables elderly homeowners to convert their property assets into liquid resources while remaining at home, financing these acquisitions through three main investment products: Parts Sociales (Social Shares) offering 25% tax reduction benefits, Titres Participatifs (Participative Titles) with hybrid fixed/variable returns, and Obligations (Bonds) providing fixed 5% annual returns. All products are distributed through the cooperative's proprietary online subscription platform, with offerings regulated and approved by the AMF (Autorité des Marchés Financiers).

Differentiator

Problem solved

Functional benefit

Brands

• Viager Solidaire®: The cooperative's core model of reverse mortgage (viager) financing for elderly homeowners to age at home.

Products and services

• Parts Sociales (Social Shares) Equity stake in the cooperative providing a 25% income tax reduction on invested amounts up to €50,000 for individuals (€100,000 for couples), with a minimum subscription of €2,000 and an internal rate of return of 5.5% over 5 years. Accessible exclusively to individual French tax residents. 5-year minimum holding period required for fiscal advantage.
• Obligations 2033-2 Fixed-rate bond offering a guaranteed 5% annual return paid on April 15 each year (first payment April 15, 2027), with a 7-year maturity until June 30, 2033, and minimum subscription of €5,000. Accessible to individuals and legal entities. Early redemption possible at the 5th or 6th anniversary.
• Titres Participatifs (Participative Titles) Long-term hybrid securities combining characteristics of bonds and equity, offering fixed and variable returns tied to cooperative performance. Does not confer shareholder status or voting rights. Minimum subscription €5,000.
• Viager Solidaire (Solidarity Life Estate) The cooperative's core service where it purchases residential properties from elderly homeowners aged 75+ via life estate (viager) arrangements, allowing them to remain in their homes for life while converting property value into liquid resources. Properties are resold upon liberation to fund new beneficiary interventions.
• Online Subscription Platform (VASCO) Secure 100% online subscription platform enabling investors to subscribe to cooperative offerings, make contributions, track payments, interest accruals, and portfolio performance in real time, accessible 24/7.

Quantifiable outcome

• 25% income tax reduction for investors subscribing to Parts Sociales
• +5 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Four partnerships are on record, tiered minor and core.

• FAIRminorOthersOrganization promoting responsible and solidarity-based finance. Logo displayed on partner section indicating alignment with ethical finance standards.
• FinansolminorOthersCertification organization for solidarity savings products. The cooperative's products carry Finansol certification for ethical savings.
• Conseillers en Gestion de Patrimoine (CGP Network)coreChannel Partner/ Reseller/ DistributorNetwork of independent wealth management advisors who recommend cooperative investment products to their clients. The cooperative maintains a dedicated partner team to support advisor training and client servicing.
• Local Care Service ProvidersminorStrategic or Co-development PartnerNetwork of local elderly care providers, municipalities, and social services to which beneficiaries are referred for additional support services. The cooperative acts as a coordination hub connecting beneficiaries with appropriate care resources.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Icade: Public French real estate operator with a dedicated healthcare and senior living portfolio (clics, residences). Comparable as a healthcare/senior-living real estate owner, but operates at much larger scale and through traditional rental/lease rather than viager solidaire.
• Korian: Major European operator of care homes, assisted living, and home care services. Comparable end-customer (elderly French population) but operates institutional care facilities rather than supporting aging in place via property monetization.
• DomusVi: French operator of residential care facilities (EHPADs) and home care services, serving the same elderly population as Les 3 Colonnes' beneficiaries but without the cooperative viager ownership model.
• Orpea: Large French-headquartered operator of nursing homes, clinics, and home care services across Europe. Comparable target market (elderly users in France) but delivers care rather than real estate-backed social financing products.

Regional players

• CDC Habitat: France's leading social housing operator, owned by Caisse des Dépôts (the same group as Les 3 Colonnes' shareholder Banque des Territoires). Comparable in mission of providing housing to vulnerable French households and in being capital-backed by the same public institution, though focused on rental social housing rather than viager home ownership.

Others

• Primonial REIM: French real estate investment manager (SCPI/OPCI vehicles) distributing income-property products to individual and institutional investors via wealth advisors. Comparable investor channel (CGP network) and tax-advantaged wrapper usage, though focused on traditional income real estate rather than viager solidaire.
• La Nef: French cooperative bank specializing in social and environmental finance. Already named as a Les 3 Colonnes partner, it shares the cooperative-DNA financing model and serves overlapping solidarity-finance investors in France.
• Crédit Coopératif: French cooperative bank focused on social economy, solidarity finance, and ESG-aligned lending. Comparable cooperative structure and solidarity-finance customer base; Les 3 Colonnes could be considered a downstream investee rather than a direct competitor, since Crédit Coopératif provides capital while Les 3 Colonnes deploys it into viager assets.

Direct peers

• Groupe Viager Patrimoine Expert: French viager advisory and acquisition firm offering occupied-sale transactions to elderly sellers, comparable to Les 3 Colonnes in product (viager) and target beneficiary (elderly homeowners), but functioning as an advisor/broker rather than an integrated cooperative-acquirer.
• Le Bon Viager: Leading French viager specialist broker for elderly sellers and individual buyers. Most direct comparable to Les 3 Colonnes' Viager Solidaire model, though operating as an intermediary marketplace rather than a cooperative taking properties onto its own balance sheet.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/3colonnes
• Facebookfacebook.com/SCICLes3Colonnes
• LinkedInlinkedin.com/company/scic-les-3-colonnes

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds1 record

Investors1 record

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 Les 3 Colonnes