Paris, France

Real Estate
Finance Partner.

Victor Le Breton
About

Victor Le Breton

I am a real estate finance analyst with 5 years of institutional experience at one of Europe's leading asset managers, where I have worked across fund modelling, acquisition and financing structuring, and investor reporting on portfolios exceeding €1bn in assets under management.

My background spans the full investment lifecycle — from underwriting and IC memo preparation to performance monitoring and LP communication — across complex, multi-asset real estate portfolios including offices, logistics, hospitality, residential, and healthcare.

Alongside my institutional role, I have contributed to a number of external projects in an advisory capacity, applying the same analytical standards to smaller-scale mandates across real estate, fintech, and corporate finance.

Financial Modelling Acquisition Underwriting DCF & Waterfall Due Diligence LP Reporting Portfolio Monitoring FP&A Real Estate Finance Investment Memo
Expertise

Areas of focus

Built across 5 years of institutional real estate finance — applied from IC to LP.

01

Acquisition Underwriting

Financial modelling for real estate acquisitions across asset classes — DCF, waterfall LP/GP, IRR, equity multiples, and scenario analysis. Built to institutional standards and structured for investment committee presentation.

02

Due Diligence & IC Memo

Full financial due diligence on real estate assets and third-party vehicles. Operator analysis, lease review, capex assessment, valuation benchmarking, and investment memo drafted for committee or board approval.

03

LP Reporting & Portfolio Monitoring

Quarterly and annual reporting for institutional real estate investors. NAV update, performance attribution, portfolio commentary, and board pack — structured to institutional standards and ready for LP distribution.

04

Fund-of-Funds & Vehicle Screening

Analysis of third-party real estate investment vehicles — open-ended funds, listed and unlisted products, and pan-European collective investment schemes. Yield, fee structure, liquidity terms, and portfolio composition.

05

Disposal Strategy & Portfolio Restructuring

Orderly liquidation programs for real estate portfolios — sequencing, vacancy management, market-by-market pricing, block vs. unit-by-unit exit strategy, and quarterly investor presentations on projected proceeds.

06

Financial Structuring & Business Planning

Financial modelling for startups and growth businesses — revenue model, 3-statement model, scenario analysis, and investor-ready financial narrative. Applied to PropTech, fintech, and corporate finance mandates.

Selected work

Recent projects

A selection of mandates and contributions. Further detail available on request.

PropTech · Financial Structuring · Seed Stage

RentWise — Seed-Stage Financial Package

Context: Advisory contribution to a Paris-based PropTech startup building a rental management platform for individual landlords in Île-de-France.

Work: Bottom-up market sizing (TAM €1B / SAM €311M / SOM €31M), 5-year P&L and cash flow model, revenue model, competitive benchmarking across 6 players, and investor pitch deck financial section.

Outcome: Full financial package delivered within 72 hours and used as the core financial section of the seed pitch deck presented to investors in January 2025.

€1B
TAM identified
72h
Delivery
6
Competitors mapped
Institutional Fund · Hospitality · Under NDA

Project SOLEIL — Hospitality Asset Acquisition (~€40M)

Context: A European open-ended real estate fund evaluating the off-market acquisition of a large-scale outdoor hospitality asset in Southern Europe (~€40M transaction size, 20-year triple-net lease).

Work: Operator financial analysis across 3 fiscal years, EBITDAR bridge, European market study across 5 countries, NIY benchmarking, business plan, stress testing across 3 scenarios (unlevered IRR: 6.7% / 7.0% / 3.5%), and full IC memo.

Outcome: Investment approved. Acquisition closed at ~€40M net to vendor with an earn-out mechanism linked to operator performance.

~€40M
Deal size
5.5%
GIY at close
NDA
Confidential
Institutional Fund · Fund-of-Funds · Under NDA

Project ATLAS — Fund-of-Funds (~€300M AUM)

Context: A European real estate fund-of-funds (~€300M AUM) investing across open-ended funds, listed and unlisted vehicles, and pan-European collective investment schemes.

Work: Screening framework across 40+ third-party vehicles (yield, fees, liquidity, portfolio composition, geographic exposure), individual IC memos per vehicle, portfolio construction oversight, and ongoing quarterly monitoring of NAV evolution and distribution yield.

Outcome: Active portfolio of ~15 vehicles, ~€300M deployed. Monitoring framework in use for quarterly LP reporting and rebalancing decisions.

€300M
AUM monitored
40+
Vehicles screened
NDA
Confidential
Residential Fund · Disposal Program · Under NDA

Project HORIZON — Residential Portfolio Disposal (~€150M AUM)

Context: A residential real estate fund (~€150M AUM) entering its regulatory wind-down phase, requiring the orderly liquidation of ~600 residential units across ~60 French cities.

Work: Full disposal strategy as portfolio orchestrator — sequencing, vacancy management, market-by-market pricing across 60 micro-locations, mixed disposal approach (unit-by-unit and block sales), coordination of external selling agents, and quarterly investor presentations with sensitivity analysis on projected proceeds.

Outcome: €100M+ in portfolio value disposed over 4 years (2022–2026), with cumulative realized gains of 2% versus valuation despite a challenging rate environment.

€100M+
Portfolio value sold
600
Units disposed
NDA
Confidential
Contact

Contact

Email
v.lebreton.pro@gmail.com
Location
Paris, France — Available remotely