A boutique, family-anchored SIIC offering rare Paris “trophy” cash flows at a deep NAV discount—supported by a €50/share insider valuation floor.
Overview
Immobilière Dassault SA (IMDA.PA) is a French SIIC providing concentrated exposure to the most resilient micro-markets of Paris commercial real estate—especially the CBD/“Golden Triangle” and adjacent elite corridors. The portfolio comprises 15 high-end office and retail assets totaling ~42,288 sqm (end-2025) and valued around €990.4m (ex duties), with revenue generated primarily from gross rental income paid by blue-chip corporates and global luxury brands. The company operates with a heritage (“patrimonial”) philosophy: ultra-long-term ownership, architectural significance, and prime location over rapid expansion. Financial momentum is strong: Q1 2026 rental income rose to €9.3m (+17.4% YoY) and FY2025 gross rental income reached €34.49m (+15.8%), supported by indexation and contributions from 88 rue de Rivoli; occupancy is ~92.5%, and the proposed dividend increased to €2.70/share (+29.8%). A pivotal 2026 event was GIMD’s purchase of Peugeot Invest’s 19.8% stake at €50/share, reinforcing control and acting as a valuation anchor. With shares around ~€51 versus an estimated ~€100 NAV, the thesis centers on discount-to-NAV normalization as rates stabilize, balanced against concentration, regulation (DPE), and “higher for longer” rate risk.