L'Agefi on the tax squeeze facing club deals

On 9 February 2026, L'Agefi looked at what the 2026 finance act does to real estate club deals, in its Gestion Privée section, under the heading Le marché des club deals redoute les effets du coup de frein fiscal, written by Nessim Ben Gharbia.

The paper's reading is that excluding real estate club deals from the apport-cession deferral unsettles some structures, and that part of the capital may move toward hotels instead.

Tax treatment depends on each investor's own situation and on the documentation of each vehicle, and it changes. That is one reason we build on the economics of a building and its use rather than on a regime.

Read the article on agefi.fr (subscription required)