What Agarim does

Agarim is a French real estate investment company specializing in nue-propriété (bare ownership) structures, operating as a brand of the diversified real estate group Groupe Bacalan (founded 1987). The company sources, structures, and distributes residential property investment programs in which individual investors acquire bare ownership at a 24-40% discount to full property value, while institutional bailors (such as Action Logement) or social housing providers hold the usufruct (right of use) for a predetermined period of typically 9.5 to 17 years. At term end, the investor automatically receives full ownership with no additional cost, having benefited from zero property tax (IFI) exposure, no management obligations, and no rental income taxation during the holding period. The product suite includes standard nue-propriété, nue-propriété optimisée au déficit foncier (combining bare ownership with renovation tax deficit optimization), VEFA off-plan programs, and since February 2024 a sub-10-year duration variant developed in partnership with Groupe Crystal Ingénieries et Finances and Zenith Investment Solutions.

Agarim's business model is intermediation-based: the company generates revenue from structuring, distributing, and managing bare ownership programs, with one-time transaction economics on each lot sold. Go-to-market is primarily sales-led, executed through a national network of Conseillers en Gestion de Patrimoine (CGP), private banks, and direct website inquiries. The offering spans at least nine French regions and 15+ cities, with active programs in Paris (8th, 11th, 12th, 15th arrondissements), Bordeaux, Nice, Marseille, Strasbourg, Saint-Malo, Montpellier, and other regional centers, covering both existing properties and off-plan (VEFA) developments. Pricing varies by location, property type, and usufruct duration, with entry points from €70,000 for studio apartments in regional markets. Agarim is led by co-founder and Directrice Générale Géraldine Chaigne and operates with a dedicated partner portal (agarim-partenaires.tor-i.fr) for wealth advisors, complemented by educational video content and PR-driven brand building. The parent Groupe Bacalan reported €241 million in collections in 2024, with 900+ apartments commercialized in 2025 and 20,000+ apartments managed over the group's 40-year history.

The company is positioning as a leader in sustainable nue-propriété — claiming to be the first French specialist to commit to carbon neutrality in the sector — and has built a competitive moat around brand heritage, regulatory structuring expertise (IFI exemption, déficit foncier, loan interest deductibility), and institutional partner relationships. The product is not technology-led: there is no disclosed AI/ML capability, proprietary software, or digital platform architecture beyond a partner portal. The competitive set is other French nue-propriété specialists, with differentiation driven by geographic footprint, product innovation (sub-10-year, déficit foncier hybrid), sustainability positioning, and advisor relationships rather than technology.

Name

Agarim

Legal name

AGARIM

Website

https://agarim.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

French real estate investment company specializing in nue-propriété (bare ownership) structures, operating as a brand of Groupe Bacalan. Sells discounted bare ownership of residential properties to individual investors and wealth advisors, with institutional bailors holding usufruct rights for 9.5-17 years.

Ownership category

akta.pro rank

Product category

Real Estate Investment Services

NAICS

Lessors of Real Estate (5311), Other Investment Pools and Funds (5259)

SIC

Real Estate Dealers (For Their Own Account) (6532), Investors, Nec (6799)

akta.pro primary industry

Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA)

akta.pro secondary industries

Real Estate Funds — Core (Stabilized, Income) (FSANAEAF), Real Estate Funds — Core-Plus (FSANAEAG)

Keywords

• Bare ownership investment
• Real estate investment
• Nue-propriété programs
• Wealth management solutions
• Tax-optimized property

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Nue-propriété property sales: Revenue generated from selling bare ownership (nue-propriété) interests in residential properties to investors. Investors purchase the bare ownership at a significant discount (typically 24-40%) while institutional bailors hold the usufruct rights.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Agarim designs, structures, and distributes bare ownership (nue-propriété) real estate investment programs in France. Individual investors acquire the bare ownership of residential properties at a 24-40% discount to full market value, while institutional bailors hold the usufruct rights for a predetermined period (typically 9.5 to 17 years); full ownership transfers automatically to the investor at term end. The offering also includes hybrid variants that combine nue-propriété with déficit foncier tax optimization and short-duration (<10 year) programs for premium Parisian assets.

Product overview

Agarim is a French real estate investment company specializing in nue-propriété (bare ownership) property investments. The company offers three core product lines: (1) Standard Nue-propriété, where investors purchase bare ownership of residential properties at 24-40% discount while institutional landlords hold usufruct rights for 10-17 years; (2) Nue-propriété optimisée au déficit foncier, which adds tax deficit optimization to the bare ownership model; and (3) Nue-propriété with less than 10-year duration, a 2024 innovation enabling shorter investment terms in iconic Parisian properties. Programs span VEFA (off-plan) and existing properties across major French cities. The company operates as part of Groupe Bacalan (since 1987) and maintains a partner portal for wealth management advisors.

Differentiator

Problem solved

Functional benefit

Products and services

• Nue-propriété (Bare Ownership) Core investment product where individual investors acquire the bare ownership (nue-propriété) of French residential properties at a 24-40% discount to full ownership value, while institutional or social landlords hold the usufruct (right of use) for a predetermined period. After the term (typically 10-17 years), the investor automatically receives full ownership at no additional cost. Targets individual investors seeking property exposure without management burdens or rental income tax.
• Nue-propriété optimisée au déficit foncier Hybrid product combining nue-propriété bare ownership with déficit foncier tax optimization, allowing investors to deduct renovation costs from taxable income while acquiring property at discounted prices. Targets tax-conscious individual investors and wealth management advisors seeking enhanced tax-efficient real estate allocations.
• Nue-propriété < 10 ans (Short-duration Bare Ownership) Short-duration nue-propriété program with usufruct periods under 10 years, enabled through a private usufruct fund partnership with Groupe Crystal Ingénieries et Finances and Zenith Investment Solutions. Allows investors to acquire bare ownership in premium central-Paris Haussmannian buildings at reduced costs over a shorter investment horizon. Targets investors seeking premium Parisian property exposure with faster capital recycling.
• VEFA (Vente en État Futur d'Achèvement) Off-plan Property Programs Off-plan (VEFA) property investments where investors purchase bare ownership before construction completion. Programs typically feature modern architecture, energy-efficient designs (RE2020-compliant), and are located in French cities with strong rental demand such as Bordeaux, Marseille, Montpellier, Saint-Malo, Thonon-les-Bains, and Paris.
• Existing Property Nue-propriété Programs (Offres en cours) Active nue-propriété programs available for investment across major French cities including Paris (8th, 11th, 12th, 15th districts), Bordeaux, Nice, Marseille, Strasbourg, Saint-Malo, Mougins, Ivry-sur-Seine, and others. Programs feature varying usufruct durations (9.5 to 17 years), discount rates (24-36%), and apartment types from studios to 6-room units.
• Honfleur - Hôtel du Port (Déficit Foncier Operation) Nue-propriété optimisée au déficit foncier program in Honfleur hyper-center comprising 14 renovated apartments ranging from studios to 4-room units. High-quality renovation work is delivered by Groupe CIR (Compagnie Immobilière de Restauration), enabling investors to benefit from déficit foncier tax deductions on the renovation costs alongside the standard nue-propriété discount.

Quantifiable outcome

• 24-40% discount on property purchase price compared to full ownership value
• +3 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and minor.

• Groupe BacalancoreOthersAgarim is a brand of Groupe Bacalan, a real estate investment group creating value since 1987. Groupe Bacalan designs, structures, distributes, and manages real estate investment solutions with recognized real estate, fiscal, and heritage expertise.
• Groupe Crystal Ingénieries et Finances / Zenith Investment SolutionscoreStrategic or Co-development PartnerStrategic partnership enabling nue-propriété programs with less than 10-year usufruct duration through creation of a private usufruct fund. This alliance allows innovative shorter-term investment structures.
• GROUPE CIR (Compagnie Immobilière de Restauration)minorImplementation/ SI/ Consulting PartnerRenovation partner for nue-propriété optimisée au déficit foncier programs. Responsible for high-quality renovation works on properties in historic areas such as Honfleur.
• Institutional bailors (social housing providers, institutional investors)coreChannel Partner/ Reseller/ DistributorBailleurs sociaux et institutionnels (such as Action Logement, Caisse des dépôts) who hold the usufruct rights in the nue-propriété structure, enabling investors to acquire bare ownership at discounted prices.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• MyShareCompany: French online nue-propriété platform selling bare-ownership interests to individual investors, including Paris sub-10-year offerings. Competes head-to-head on the same nue-propriété niche, especially on shorter-duration products.
• Patrimoine Invest: Patrimoine Invest is one of the most established French nue-propriété distributors, selling bare-ownership interests via CGP networks. Direct overlap with Agarim on product, target customer (HNW individuals), and distribution model.
• Foncière des Pyrénées: Specialist French nue-propriété operator structuring bare-ownership programs with social-housing bailors. Closely comparable business model, asset class, and counterparty base to Agarim.

Broad incumbents

• Primonial REIM: Large French real estate investment manager offering SCPI, OPCI, and private real estate solutions distributed via CGPs. Broader portfolio than Agarim but overlaps heavily on target customer and wealth-advisor channel.
• Perial Asset Management: Major French real estate asset manager with SCPI and club-deal funds. Comparable target customer (CGP-distributed HNW clients) and residential/commercial property focus, though broader than nue-propriété alone.
• Novaxia Investissement: French real estate investment manager with thematic funds (including redevelopment/RE2020 strategies) distributed to retail and HNW clients. Overlaps with Agarim on investor profile and ESG-led repositioning of French residential assets.
• Epargne Pierre (Atland): French SCPI and real estate investment solutions distributed via wealth advisors. Comparable CGP distribution and tax-optimized property products, though broader than bare ownership.
• Keys REIM: French real estate investment manager offering SCPI and thematic funds. Comparable CGP-led distribution and French residential exposure, complementing rather than directly competing on bare ownership.

Regional players

• Valority Group: French real estate investment and asset management group active in residential investment products (including Demembrement). Comparable on French property investment structuring but broader scope than nue-propriété alone.

Others

• Groupe CIR (Compagnie Immobilière de Restauration): Renovation partner that executes the travaux behind Agarim's 'déficit foncier' optimized programs (e.g., Honfleur Hôtel du Port). Not a competitor but a key operational/ecosystem counterpart to Agarim's hybrid products.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/agarimbienssurs
• LinkedInlinkedin.com/company/agarimbienssurs

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

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 Agarim