France: Real Estate Crowdfunding Platform Beefordeal Gains ECSP Approval for Pan-European Securities Offerings

Beefordeal, a real estate crowdfunding platform based in France, has gained approval to operate under the European Crowdfunding Service Provider Regulations (ECSPR), thus offering securities across all European Union member states. Beefordeal claims to be the first property investment platform to be approved as a European Crowdfunding Service Provider (ECSP).

The new ECSPR was approved in November of 2021. Platforms have until November 2023 to be licensed to sell securities online by applying to the relevant national authority in each EU member state. As of today, there are less than ten providers that have gained approval.

Beefordeal is a relatively young platform launching property investments in 2018. As of mid-December, Beefordeal has financed 22 deals, raising about €10.262 million, generating an average rate of return of 9.38%. Beefordeal utilizes the services of Mipise to power securities offerings.

Under ECSPR, an issuer may raise up to €5 million in a given year. As France has a population of around 65 million, now Beefordeal will be able to solicit to an EU population of over 447 million. The expanded market may help mitigate some of the challenges of the European real estate market, which is struggling with rising costs along with increasing interest rates.

 

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