Ream General Partner – the management company of the REAM fund – is in charge of the strategic, operational and financial management of the fund and its assets.
Active in Luxembourg and Belgium, RGP advises and supports its private and institutional clients, for the sustainable development and performance of their real estate portfolio.
Our approach is rigorous. Our results targets, which are above market practices, stem from a rigorous analysis, significant commercial involvement and a high degree of selectivity.
On average, less than 5% of the dossiers we study are selected and acquired.
Our multidisciplinary team offers a wide range of complementary skills. Our employees have up to 20 years’ experience in their field of expertise. We perform financial analyses, investment management, sales, rental management and technical maintenance.
The year 2023, following on from 2022, has had a particular impact on the real estate market. Rising interest rates, affecting both: buyers’ investment capacity and therefore the speed of sales on development projects; and financial costs and therefore margins; and a slowdown in the economy in Luxembourg and Belgium have led to major operational changes and difficulties for some of the sector’s major players.
Meanwhile, there are signs of recovery: inflation is decreasing, and governments, especially in Luxembourg, are implementing policies to kick-start the economy. As a result, the market is optimistic about the outlook for H2 2024.
To counterbalance the slowdown and difficulties on the development front, the rental market is in full swing. Demand for housing continues to grow, while supply is falling due to a lack of development, leading to a shift in the market towards rentals.
Against this subdued backdrop, our strategy of diversification by operating in the development business, balanced by the rental portfolio, has enabled us to achieve a 2023 performance of 2.05% net of management fees.
On the rental side, our occupancy rates remained at a record level of almost 99%, while demand for our Flexiroom coliving business continued to grow. As a result, we were able to increase rents by over 4% across the portfolio, offsetting the rise in risk premiums in valuations and maintaining a stable value.
On the hotel front, the portfolio’s newcomer, with the opening of the Kazakiwi hotel at Luxembourg gare in April 2023, the figures for this first year of operation have confirmed our confidence in the development of this segment. Indeed, with an average occupancy rate over the year of 73% and an average room rate of €130, i.e. 12% higher than the initial business plan, we are preparing the expansion project (Néokiwi project) by 2026 on solid foundations.
On the development front, our watchword is cautious management. Today, we have 3 projects in the final stages of completion for Q1 2024, on which we still have residual units, fully deleveraged but with margins tied up. Two projects were launched in 2023, Le Clos de La Grande Hulle in Profondeville in May and Les Terrasses de Namur in Namur in September. There is a noticeable slowdown in the pace of commercialization, which will be a particular focus of our attention in 2024.
Our aim for 2024 is therefore to de-risk the portfolio by deleveraging. In view of current market developments, our strategy will focus on targeted development of the Flexiroom portfolio, in line with current lifestyle trends.
In real estate, as in other investment segments, confidence will determine market trends in 2024.
I would like to thank our shareholders for their confidence and wish you all a very happy real estate year.
Jean-Marc DAME
Manager
Jean-Marc has more than 20 years’ experience in the financial sector in Luxembourg, in particular the investment fund sector.
As well as his consultancy work in this area, in 2008 he founded Trimmo, a Belgian company that develops residential renovation projects and manages a diverse rental portfolio – local retail, residential and semi-industrial. Convinced of the need to adapt the offer to rapidly changing living and working contexts, he also co-founded Silversquare, a pioneer in co-working (bought by Befimmo in 2018).
He founded REAM in 2017 with the aim of putting his knowledge of the Luxembourg financial market and his passion for real estate to use in the investment sector.
After 10 years in an advisory role in the banking sector, in consultancy and management positions, Mandela Verdeau launched the REAM fund with Jean-Marc Dame.
Mandela is in charge of the management and development of Flexiroom coliving portfolio.
She is a graduate of the EDHEC Business School, and has a MSc in Strategy and a Masters in Management.
Jean-Pol Clart, an independent entrepreneur at heart, took part in the development of several companies, mainly in the service, construction and real estate sectors.
Founder of the DEVLOP brand, he is passionate about real estate and the challenge of anticipating and adapting products to the rapidly evolving society.
Tony Buche began his career in 1992 in various Fintech company and he spent 10 years at Clearstream as Strategic Project Manager and 10 years at SocGen Luxembourg where he headed the investment funds custody services. Since 2015, Tony has taken multiple Independent Directorship mandate in regulated and non-regulated funds, such as Real Estate, Private Equity and Hedge funds. Tony is also providing advisory services for funds and Management Company across Europe.
Jérôme Gendarme began his career in 1994 at JP Morgan London in investment fund services and spent 12 years at the Bank of New York in Brussels as a Vice President managing various banking operations and projects. He then moved to Luxembourg to join KBL European Private Bankers as head of the custody and depository bank division. He also led a major IT transformation project for private banking and asset management in Paris, Brussels and London. In particular, he was involved in the business development of private banking services.
Currently, Jérôme is in charge of custody services at CBP Quilvest Luxembourg, for alternative investment funds such as real estate funds, private equity funds and hedge funds. He brings a wealth of experience in investment banking, portfolio management and alternative investment funds.
Quentin Vercauteren started his career in 2007 at Deloitte as a Business Consultant. In the same time, he founded Quanda in 2008, an investment solution for high net worth individuals. He also founded MGO Golf in 2010, a networking solution for golfers. In 2011, he entered the private banking market at KBL in Luxembourg. He became head of the wealth management department in 2015.
Currently, Quentin holds several important positions in both supervision and administration at Atalian and IKO Real Estate.
We have built an experienced, multi-disciplinary team around the Management Board. Our employees have an average of ten years’ experience in their field of expertise. Internally, we cover financial management and risk management activities, the technical management and monitoring of projects, business development for chasing new opportunities and the sale of our dossiers, and property management. We have selected our partners with the utmost care and they share our vision and values. At REAM, we value creativity, enthusiasm and a love of work well done. Our projects are designed and developed in accordance with standard practices and with great attention to detail.
After 8 years of experience in the construction sector in the field of General Contracting, Amanda joined the REAM group in July 2023 as a technical project manager. Holding a Master’s in Industrial Engineering with a focus on Construction, Amanda primarily works on the execution part of DEVLOP’s promotional projects to ensure the technical and operational follow-up of the projects. Under the supervision of the general management, Amanda is the guarantor of the quality of our projects and the follow-up provided to our future buyers and investors.
Samuel Hannay joined the REAM group in 2018 as financial and administrative director. He is in charge of financing various projects for the entire group, internal control as well as all administrative and tax aspects.
Samuel acquired his first professional experience in Belgium in the field of engineering and the development of calculation software for aerospace applications before becoming a financial auditor for a large American group in Luxembourg.
Samuel holds a master’s degree in management science and a master’s degree in audit, control and review from the University of Liège. He is also a civil engineer in electromechanics from the University of Liège.
After 3 years of experience in a fiduciary and 2 years in a large company as an accountant, Amélie joined the REAM group in 2020
After training as an architect at La Cambre Horta and an additional Master’s degree in corporate real estate at Solvay Business School of Management, Christophe quickly turned to real estate development. In particular, he perfected his skills in this field by working in large consulting, development and real estate investment groups.
As Business Development Manager, Christophe participates in the development of projects and the identification of new investment opportunities within the Ream group, for Devlop and Flexiroom.
Responding to current challenges and offering a quality architectural environment to our clients are its main concerns.
After a Master’s degree in Banking and Financial Engineering from ESSCA, Caroline started her career as an M&A analyst in a large international consulting firm with a specialization in origination. She then moved on to the real estate sector and more specifically to the financing of professional projects as an account manager and financial analyst.
She now joins the REAM team with the role of managing the investor pole. Her objective is to develop the financial capacities of the fund by seeking new partnerships. This strategy is aimed at the growth of the real estate projects of the Devlop, Flexiroom and Invest brands.
After completing a Master’s in Hospitality and Tourism Management, Camille specialized in revenue management and optimizing earnings. She was involved in the development of strategies for various portfolios at several hotels and management companies. Later, she joined Accor and became the head of the revenue management department for lifestyle brands in Southern Europe.
Today, she joins the REAM team with the role of developing the co-living sector and devising a brand development strategy, aiming to continue the group’s diversification strategy. Her role as Business Manager extends to other activity sectors, bringing expertise in investment opportunities and management across the different projects of the fund.
With a Bachelor’s degree in Real Estate Economics from the Haute École Charlemagne in Liège, Guillaume naturally gravitated towards real estate promotion, specifically property development.
After a rewarding first experience as a property developer, Guillaume joined the Ream group as a Business Development Manager.
His role involves identifying new investment opportunities and overseeing the development of projects.
Participating in the creation of projects that have an impact on society and the surrounding environment is his primary focus.
Dynamic, honest, organized, and reliable are the key words that define him.
Download our guide and discover 3 indicators that allow you to obtain 8% yield on your property portfolio.
Jean-Marc Dame
Manager
[email protected]
+352 691 110 222
Mandela Gaye Verdeau
Co-Manager
[email protected]
+352 691 164 111