What Roche Dubar does

Roche Dubar is a French AMF-regulated real estate asset management firm founded in 1994 in Lille, operating two business lines: Roche Dubar Invest, which creates and manages exclusive closed-end real estate funds (foncières) for private and institutional investors, and Roche Dubar Gestion, which provides third-party asset management services including rent collection, lease negotiations, technical management, and dispute resolution. The company manages €400M in assets across 87+ commercial properties (offices, retail parks, activity/logistics spaces) primarily in French regional markets, serving approximately 500 investors through club-deal structures with limited co-investors per fund (typically 6-50 investors per vehicle). Revenue is generated through management fees on assets under management and performance-based carried interest on achieved returns, with historical fund TRIs of 8.0%-10.16% and a target IRR of 7-10% over 10-year horizons. The platform is built on a proprietary digital investor portal (via airfund.io) for real-time portfolio tracking and integrated property management systems that cover the full asset lifecycle from sourcing and due diligence to disposal. The company is privately held (SAS, €125K share capital), family-led (Verhaeghe family), headquartered in Wasquehal with a Paris office, and holds AMF agrément N°GP-16000025 with select funds carrying the ISR (Investissement Socialement Responsable) label.

Name

Roche Dubar

Legal name

Roche Dubar SAS

Website

https://rochedubar.com

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

11–50 employees

Short description

Roche Dubar is a French AMF-regulated real estate asset manager (founded 1994, €400M AUM) that creates and manages exclusive closed-end foncières and club-deal vehicles for approximately 500 private and institutional investors, investing in commercial real estate across French regional markets.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Asset Management

NAICS

Other Financial Vehicles (52599)

SIC

Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Real Assets Fund of Funds (Real Estate / Infrastructure / Natural Resources FoF) (FSAHAKAG)

Keywords

• Commercial real estate investment
• Real estate asset management
• Exclusive real estate funds
• Club-deal real estate
• Regional real estate investing

Headquarters

HQ city

Wasquehal

HQ country

France

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Asset Management Fees: Management fees charged on assets under management. The company is an AMF-regulated portfolio management company (Agrément N°GP-16000025) managing exclusive real estate funds for private and institutional investors.
2. Performance-based Returns (Carried Interest): Target return of doubling invested capital over 10 years (target IRR 7-10%) for investors, with performance measured through internal rate of return (TRI). Past foncières have achieved TRI ranging from 8.0% to 10.16%.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

Roche Dubar creates and manages exclusive commercial real estate investment funds (foncières) for private and institutional investors, alongside third-party property asset management services. The company structures closed-end club-deal vehicles and FIA-regulated funds investing in French regional office, retail, and activity properties, providing integrated management from acquisition to disposal with a proprietary digital investor portal for reporting.

Product overview

Roche Dubar is a French real estate investment and asset management company offering two core services: Roche Dubar Invest (creation and management of exclusive real estate funds/foncières for commercial real estate investment) and Roche Dubar Gestion (comprehensive asset management for third-party property owners). The company structures investment products through Private Equity Immobilier and Club-deal Immobilier formats. Its portfolio includes multiple named foncières funds (Foncière Entreprises series, Roche Dubar Opportunités Régions, SAS Renouveau) targeting offices, retail parks, and activity spaces in French regions, with fund sizes ranging from €3M to €22.5M in equity and investment capacities up to €60M. Some funds carry ISR (Investissement Socialement Responsable) label for socially responsible investment.

Differentiator

Problem solved

Functional benefit

Products and services

• Roche Dubar Invest (Exclusive Foncières) Investment service creating and managing exclusive real estate funds (foncières) for commercial properties (offices, retail parks, activity spaces). Targets private and institutional investors with limited investor slots per fund (typically 6-50 investors) and minimum subscriptions from €100,000 to €500,000. Provides turnkey management from administrative to technical property management, with bank leverage and ISR labelling available on select vehicles.
• Roche Dubar Gestion (Third-Party Asset Management) Comprehensive asset management services for third-party property owners covering rent collection, lease negotiations, commercial property marketing, technical management, financial management, insurance claims, dispute resolution, and full property management. Manages over 100 assets with a 96.5% occupancy rate and €27.5M in billed rents in 2025.
• Private Equity Immobilier Private equity-style investment approach in non-listed real estate structured through regulated investment funds (FIA) managed by Roche Dubar. Targets a 7-10% IRR with the objective of doubling invested capital over 10 years through a diversified portfolio of 4-6 regional buildings using bank leverage.
• Club-deal Immobilier Exclusive closed-end club deal structure gathering limited partners around rigorously selected real estate assets. Investors participate in investment decisions through an engagement committee, benefiting from transparency, proximity, and shared governance.
• Foncière Entreprises Series (Exclusive Real Estate Funds) Series of exclusive AMF-regulated FIA and SAS foncières with capital ranging from €3M to €22.5M, each structured for 24-40 private investors with minimum contributions of €100,000 to €500,000. Funds invest in portfolios of 3-6 commercial properties (offices, retail parks, activity spaces) averaging €2.5M to €12M per building. Select funds carry the ISR (Investissement Socialement Responsable) label.
• SAS Renouveau (Value-Add Club Deal) Club Deal Value-Add vehicle giving second life to offices, activity spaces, and commercial properties in French regions. Targets vacant or to-be-restructured buildings with acquisition prices of €3-9M, built before 1990, with rehabilitation and resale strategy to local users.
• Roche Dubar Opportunités Régions (SPPPCAV) SPPICAV fund with €22.5M capital federating approximately 50 private investors with €37.5M bank debt, reaching €60M total investment capacity. Invests in 4-5 regional buildings averaging €12M each. Subscription is terminated.

Quantifiable outcome

• 96.5% occupancy rate maintained year-over-year across managed portfolio
• +6 more outcomes

Named customers9 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

Eleven partnerships are on record, tiered minor and core.

• Prouvost & AssociésminorImplementation/ SI/ Consulting Partner · 1 January 2025Notary firm providing legal counsel to Roche Dubar in property acquisitions. Advised on multiple transactions including Saint-Priest activity premises, Le Luc logistics building, and other acquisitions.
• DCBM NotairesminorImplementation/ SI/ Consulting Partner · 1 January 2025Notary firm advising on property transactions. Advised Roche Dubar on the acquisition of the logistics building at Le Luc in the Var.
• Baum NotairesminorImplementation/ SI/ Consulting Partner · 1 January 2025Notary firm advising sellers in property transactions. Advised counterparties in various acquisitions including the Saint-Priest activity premises deal.
• JLL LyonminorImplementation/ SI/ Consulting Partner · 1 January 2024Commercial real estate brokerage firm acting as intermediary in property transactions. Facilitated the acquisition of activity premises at Saint-Priest for Foncière Entreprises 3.0.
• BNP Paribas Real Estate Transaction FranceminorImplementation/ SI/ Consulting Partner · 1 January 2024Commercial real estate brokerage. Assisted in the sale of a 10,769m² logistics warehouse in La Veuve for Foncière Entreprises 4, achieving 14.2% TRI for investors.
• EOLminorImplementation/ SI/ Consulting Partner · 1 January 2024Commercial real estate advisory firm involved as counterpart advisor in the sale of the La Veuve logistics warehouse for Foncière Entreprises 4.
• Perrein & AssociésminorImplementation/ SI/ Consulting Partner · 1 January 2024Notary firm advising sellers. Provided legal counsel to the seller in the acquisition of the activity park in Vendargues (Occitanie) for Foncière Entreprises 19.
• Tourny MeyerminorImplementation/ SI/ Consulting Partner · 1 January 2024Commercial real estate brokerage firm. Acted as intermediary in the acquisition of the activity park in Vendargues (Occitanie) for Foncière Entreprises 19.
• CeetrusminorOthers · 1 January 2024Real estate company (Auchan group). Seller of the BRICOMAN retail unit in Saint-Omer, acquired by Roche Dubar for Foncière Entreprises Hauts-de-France to finalize the fund's portfolio.
• GGL AménagementminorOthers · 1 January 2024Property developer. Seller of the new activity park in Vendargues (Occitanie) acquired for Foncière Entreprises 19.
• AMF (Autorité des Marchés Financiers)coreOthersRegulatory oversight body. Roche Dubar holds AMF portfolio management accreditation N°GP-16000025, enabling the company to manage FIA (Fonds d'Investissement Alternatif) structures for qualified investors. This regulatory status is fundamental to the company's business model of managing exclusive real estate funds.

Scale indicators10 records

Recent moves24 records

Expansion highlights6 records

Broad incumbents

• Sofidy: One of France's largest independent real estate asset managers, specializing in SCPI, OPCI, and club-deal real estate funds. Comparable in managing real estate on behalf of private investors with diversified strategies, though with significantly larger AUM and broader product range including publicly distributed SCPIs.
• Corum Asset Management: French SCPI specialist managing multiple real estate investment funds with European geographic focus. Comparable in offering real estate investment vehicles to private investors with professional management, though primarily through publicly distributed SCPI products rather than exclusive club-deals.
• Perial Asset Management: Major French real estate asset manager offering SCPI, OPPCI, and thematic funds with billions in AUM. Operates as a broad incumbent in the same French CRE investment space, but at much larger scale with publicly distributed SCPI vehicles rather than exclusive club-deals.
• Paref Gestion: French real estate investment manager (subsidiary of Paref Group) managing SCPI and institutional real estate mandates. Overlapping presence in French CRE with regulated AMF structure, though with broader institutional focus and publicly distributed vehicles versus Roche Dubar's HNWI exclusive approach.
• Praemia REIM: One of France's largest real estate investment managers (formerly Primonial REIM), managing SCPIs, OPCIs, and club-deal vehicles. Significant overlap in French regional CRE investment through regulated FIA structures, though at much greater scale with diversified strategies including residential, hospitality, and pan-European mandates.
• La Française Real Estate Managers: Large French real estate asset management arm of La Française Group, managing SCPI, OPCI, and institutional mandates across European real estate. Provides overlapping capabilities in French CRE investment management but with broader geographic reach and institutional-scale AUM versus Roche Dubar's boutique club-deal focus.
• Advenis REIM: French real estate investment manager (Advenis group) operating SCPIs, OPCIs, and club-deal structures for private and institutional investors. Comparable product mix including exclusive vehicles, though with broader distribution channels and slightly larger scale than Roche Dubar.

Direct peers

• Norma Capital: French private equity real estate manager offering club-deal investment vehicles for HNWI investors across French regions. Directly comparable to Roche Dubar in target customer (HNWI), product structure (exclusive club-deals), and regional CRE focus, with overlapping geographic coverage in major French metropolises.
• Keys Asset Management: French real estate investment manager regulated by the AMF, focused on creating specialized real estate funds for private and institutional investors. Comparable business model with regulated FIA structures and exclusive investor pools, though operating at slightly larger AUM scale.
• Capital Croissance: French private equity firm focused on regional real estate and business investment opportunities. Comparable niche positioning in French regional markets with HNWI club-deal structures, though with broader sector reach including non-real-estate private equity.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/roche-dubar

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 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 Roche Dubar