For years, real estate investment followed a familiar pattern: acquire assets, manage them, and hope for appreciation. But as the market matured and competition intensified, it became clear that a smarter, more strategic approach was needed. Investors were no longer satisfied with passive returns; they wanted real estate to work harder, to generate value beyond the standard buy-and-hold model. They needed a partner who could do more than just manage assets—they needed one who could elevate them.
This is where Firce Capital, under the leadership of its CEO Christophe Fournage, stepped in to address these needs. Founded to bridge the gap between investment expertise and hands-on real estate transformation, the firm redefined how real estate could create lasting value.
Blueprint for Sustainable Growth
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Firce Capital is a leading European independent real estate investment, asset management, and development firm that operates across Europe and Dubai for its investors:
Its mission is to successfully create value for investors with real estate assets through a commitment to superior performance, sustainability, and uncompromising integrity.
Firce Capital was founded in 2012 and has been headquartered in Luxembourg since 2015. The group is an undisputed leader in real estate asset management in Luxembourg. As of January 2025, the firm has approximately €5 billion worth of assets under management, comprising approximately 400k sqm of real estate across Europe and commodities. The firm is led by some of Europe’s most experienced real estate investment professionals. At Firce Capital, professionals with proven track records in their areas of expertise—accustomed to working at the international level—provide the necessary in-house coverage to create value and build trust in today’s global investment environment.
Firce Capital focuses on complex real estate and retail projects to deliver great results through the group’s various internal branches of expertise:
- Investment: The acquisition of real estate and the financial structuration of projects is one of the group’s primary areas of expertise. Firce Capital offers dedicated investment solutions to its investors ( dedicated funds, club deals, bonds emissions, etc.) and ensures alignment of interests with its investors.
- Asset Management: Firce Capital started as a value-creating asset management company with the French portfolio of Swiss bank UBS. This area of expertise is central to improving cash flows, increasing the value of underlying assets, and generating sustainable long-term returns for investors.
- Development Management: This area of expertise focuses on the redevelopment and repositioning of existing assets, as well as small- to large-scale development projects. Firce Capital has in-house experts to ensure the proper follow-up of projects,
- Retail Management & Franchise Development: Firce Capital has a strong retail DNA, historically through the asset management of ambitious projects and now also through the direct development and operations of franchises with proven business models. For instance, KFC, the world’s largest fast-food chain after McDonald’s, is exclusively developed and operated by Firce Capital in Luxembourg with further expansion plans in France.
The Journey of a Stalwart
Christophe’s journey in the world of finance and real estate has been nothing short of extraordinary, marked by a series of leadership roles and remarkable achievements across diverse industries.
Prior to creating Firce Capital, between 2003 and 2012, Christophe served as the Managing Director of Colony Capital France alongside Sébastien Bazin who was the Managing Director of Colony Capital Europe (and now CEO of Accor Hotels since 2013, listed on the CAC 40). Over these nine years, Christophe successfully invested in data centers near Paris and boosted the fund’s performance even during the global financial crisis.
His encounter with Eric Pinon at Colony Capital later led to a strong partnership, and together, they co-founded Firce Capital in 2012. Since its creation, they have worked closely to build and expand the firm’s success.
Before 2003, Christophe worked as Managing Director of Corvis’ French subsidiaries, the world’s leading technological company in the design, manufacturing, and selling of high-performance all-optical and electrical/optical communications systems. He successfully improved the subsidiaries’ performance following the Dot Com bubble crisis.
Before that, Christophe also spent 10 years in the gaming industry as Managing Director of SCI Games France and as General Counsel of Française des Jeux. Christophe received a master’s degree in business law from the University of Paris X in 1992.
Firce Capital under the leadership of Christophe has achieved significant milestones since its inception in 2012. The organization has always placed entrepreneurship at the heart of its approach to offer top-tier performance to its investors. All talents at Firce Capital embrace this philosophy and strive to improving the range and quality of services offered. Christophe has always managed Firce Capital with a perspective of achieving successful growth over the long term. Its fundamental strength is the consistent focus on the best long-term outcomes with a great appreciation of investment lifecycles.
Delivering Quality Real Estate
Encountering difficulties and challenges is part and parcel of the real estate industry. It is by overcoming them with integrity and constant focus on quality that Firce Capital keeps on delivering great results. Ensuring the long-term quality of projects is the key driver of returns for its clients.
Firce Capital understands the dynamics of real estate investment cycles, enabling the firm to strategically position assets and generate value. It identifies promising opportunities in integrating technological advancements into real estate, meeting ambitious sustainability standards.
The development of La Fuente in Marbella, Spain, illustrates this approach. Singed prior the pandemic, the project consisted in building a gated community of 15 top-luxury villas ideally located on one of the last available plots in Marbella’s Golden Mile. Thanks to innovative digital marketing during the pandemic and due to the project’s strong fundamentals, all 15 villas were sold in under 11 months, surpassing the business plan’s conservative assumptions.
Enlarging Footprints across Europe and the Middle East
Firce Capital is on a pursuit to expand its roots across Europe and Dubai to reduce investors’ exposure to idiosyncratic risk and offer the opportunity to gain exposure to diversified portfolios. A defining trait of the group is maintaining a local presence near its assets. This strategy has paid off, allowing it to constantly deliver best-in-class services to clients and helping the group to source new opportunities with local knowledge. Firce Capital is moving forward to become the all-in-one solution for its clients across Europe and the Middle East.
For instance, Firce Capital recently signed a great development project of 29 residential units in Porto, Portugal. While the Senior Management for this project is based in the Marbella office, a key talent of the firm relocated in Porto to ensure day-to-day monitoring of the project. The recent opening of an office in Dubai further illustrates a strategy to have local footprint nearby Firce Capital’s historic Middle East investors and to engages in new opportunities directly there.
Envisioning a Sustainable Future
Firce Capital believes that value creation and sustainable development are complementary goals. Throughout its operations, the group is committed to practices that have a positive impact on the communities in which it operates. This approach dictates its growth strategy and commitment to investments that comply with environmental, social, and governance (ESG) practices. This helps Firce Capital ensure that the business model remains sustainable in the future too.
A strong emphasis is placed on building lifecycle and their roles amongst local communities as real estate assets are places for people. For example, the Belval Plaza shopping center in Luxembourg, acquired by Firce Capital in 2020, was build in 2008 with an extension in 2012. Since acquisition, solar panels were installed, isolation was improved, technical systems were updated to improve the assets sustainably. Looking at the bigger picture, Belval Plaza’s acquisition was also motivated as part of a new district with soft mobility made easy and with a train station directly attached to the mall. Firce Capital’s strategy has also been focused on offering day-to-day services to serve local communities of residents and works. Annual footfall has reached 7.5 million visitors in 2025, the best performance in Luxembourg, a million more visitors than in 2019 which reflects upon Firce Capital’s winning strategy.
Transparency in Investment Lifecycle
Firce Capital guarantees continuous transparency throughout the entire investment lifecycle thanks to its clearly structured process and devoted team.
Firce Capital’s comprehensive investment capabilities are built on a foundation of deep industry expertise, strategic market insight, and a commitment to sustainable value creation:
- Some of Europe’s most experienced real estate investment professionals and field experts.
- The leadership team has vast experience in the financial and real estate industry.
- Local teams to manage real assets and to ensure appropriate execution through complex situations Strong network of banks and potential co-investors.
- Value creation DNA with real optimization of costs and deadlines.
- Expertise in identifying, evaluating, and structuring investments.
- Market knowledge with the ability to test the market prior to project undertaking to ensure financial performance.
- Expertise in crisis management and navigating investment cycles.
- Tracking of ESG standards for sustainable operations.
Tailoring Tomorrow’s Real Estate Investment
Firce Capital differentiates itself by offering tailor-made solutions, allowing clients to help define their investment strategy.
The following USPs provide competitive advantage to Firce Capital:
- ‘Thinking outside the box’ and harnessing a creative mindset and straying away from the beaten path
- Veteran management team with a proven track record through a variety of economic and real estate cycles
- Strong alignment of interests between investors/clients and the project managers
- Safety first investment philosophy with required high value creation to have a safety net in case of a downside scenario
- Flexibly structured to accommodate the needs of each and every client with fully tailor-made solutions
- Comprehensive knowledge of the real estate market of Europe and Dubai with capacity to source off-market opportunities
- Secured framework, regulated by the most prominent partners of the industry
Pursuit of Sustainable Value Creation
The purpose of Firce Capital’s ESG strategy is to ensure the adequate assessment of environmental, social, and governance factors at all relevant stages of the investment lifecycle. Its primary objective is to deliver superior investment returns for clients. The group believes that its ESG practices will enhance performance and guarantee sustainable value creation.
- Environment: By integrating environmental considerations into every step of the investment process, Firce Capital aims to achieve OPEX savings for its portfolio and generate lasting benefits for society at large. Firce Capital prioritizes energy efficiency and renewable energy investments to reduce utility costs and minimize greenhouse gas emissions. In Spain, the firm’s residential solar panel initiatives contribute to lower energy consumption costs while ensuring long-term sustainability for properties.
- Social: Firce Capital understands that establishing a thriving company and making significant investments depend on outstanding individuals rather than merely financial resources. With women comprising over 40% of its staff, the firm sees diversity as a vital asset in the typically male-centric finance sector. Firce Capital is dedicated to creating a positive, respectful, and supportive workplace to attract and retain exceptional talent. The variety within its team promotes ongoing collaboration and learning, which enhances the firm’s strong reputation. Moreover, Firce Capital meticulously evaluates the social responsibility practices of its third-party service providers and takes suitable action when required. Through its investments, the firm aims to create a meaningful, positive influence on local communities.
- Governance: Greatness in investments can only be achieved when good governance principles and practices are applied throughout the whole process. Firce Capital continually takes measures to ensure accountability among its teams. Following that logic, an extremely important aspect of its structure is that the organization offers complete transparency for all investments. Firce Capital operates in compliance with the highest ethical standards and business practices in the industry.
Building a Greener Legacy
From small changes in the operations of its managed properties to the implementation of large investment strategies, Firce Capital tries to have a materially positive impact on the environment and strengthen the communities in which it operates. Real estate can be a powerful driver for making sustainability a reality as it defines the places where we live and work. This constantly motivates the group to fulfill its commitment to being responsible investors and asset managers. Some of the key takeaways from Firce Capital’s efforts for a greener tomorrow are as follows:
- Waste Reduction: By installing tap water filtration systems in its offices, Firce Capital is saving the earth from an estimated 10,000 plastic bottles each year, and its self-grinding coffee machines help avoid considerable individual capsule waste. The group also ensures that recyclable materials end up in the right bin.
- Energy Efficiency: In its assets under management, Firce Capital minimizes environmental impact with careful lighting system considerations. Whenever possible, motion sensors that turn lights off when there is no activity were introduced. Combined with efficient lighting design, upgrades often pay back in under two years as they can even reduce loads on cooling systems in offices.
- Renewable Energy: In the Spanish developments of Monte Mayor and La Fuente, Firce Capital has incorporated solar panels into the design of the villas to deliver fully sustainable properties that exceed current environmental regulations. Solar costs have fallen by more than 80% since 2010 so it is currently amongst the best renewable energy solutions for Firce Capital clients.
Firce Capital is in pursuit of achieving the following objectives:
- Reduce the environmental impact of its business operations.
- Minimize the environmental impact of its assets under management.
- Deliver the best solutions to meet or exceed environmental regulations.
- Encourage the development and diffusion of sustainable innovations.
- Collaborate with all stakeholders to ensure optimal sustainability solutions.
- Empower people and work together for the desired results.
As the real estate market continues to change, it is essential to adopt a progressive mindset that prioritizes sustainability, technological advancements, and evolving consumer needs. Firce Capital is dedicated to proactively recognizing and adjusting to these developing trends, guaranteeing that its investments stay robust, prepared for the future, and meaningful.
Some of the significant real industry trends in this decade are as follows:
- Tackling climate risk: The physical risks associated with climate change are increasingly becoming significant issues within real estate portfolios, making it essential for investors to prioritize risk mitigation and management. Firce Capital acknowledges these challenges as pressing matters rather than things to worry about in the future and is actively responding in a rapidly decarbonizing environment. The firm routinely assesses the value of its properties through the perspective of a world dealing with climate change. For example, the long-term risk of rising sea levels has been thoroughly considered in the planning of highly sustainable developments along the coastlines of Spain and Portugal.
- Embracing technology: No industry is immune to technological change, but real estate is one niche that has been traditionally slower to adopt new trends. This is no longer the case with PropTech currently booming and changing the way we buy, sell, and interact with properties. Firce Capital understands and uses Big Data. It pushes for an augmented reality experience during the commercialization process and anticipates the scaling of the Internet of Things.
- Making Places for People: Services are playing an increasingly central role in real estate conception. We now see offices with a game room or a gym for the employees. We also see residential buildings with a concierge service or a dedicated entertainment area. Firce Capital sees real estate as an industry that ends up providing services and that thrives when it simplifies people’s lives
- Evaluating a Fuller Picture: With real estate occupying an increasingly greater slice of asset-class portfolios, the many dimensions of risk to consider are complex. It is a challenge for investors to analyze them coherently. Firce Capital advocates monitoring the effects of high-level macro issues in tandem with asset-specific risk analysis to get a fuller picture to perform well in the future.
- Overlooking Sector Boundaries: There is a blurring of sector boundaries as part of a bigger investment picture in which mixed-use assets, improved transport connectivity, greater use of technology, and smart mobility solutions are all seen as integral to the economic growth of cities and the investment potential of real estate. Firce Capital’s experience goes beyond simple commercial real estate. The group knows how to regenerate entire districts and even how to develop data centers. Firce Capital finds this challenge exciting and is ready to invest across the spectrum, including renewable infrastructure.
Building a greener legacy in real estate requires understanding the buildings lifecycle. For instance, Le Capitole in Nanterre, Greater Paris, France, fully exemplifies Firce Capital’s approach on that matter. Built in the 1970’s, the building historically was a car factory. It was converted into an office building in the 1990’s. Managed by Firce Capital since 2012, this 60,000 sqm office building has less traction since the pandemic as office workers changed their habits. Le Capitole yet still has building characteristics of the historic car factory it once was. Capitalizing on its data center expertise, Firce Capital is now undertaking a new conversion of Le Capitole into a data center. The building characteristic allow heavy loads for data centers, sustaining 3 tones per square meter. Located right next to La Defense, the largest business district in Europe in high demand for data centers, ensures strong demand. While data centers are energy intensive, they also produce heat that can be directly channeled to neighboring residential towers, a program strongly supported by City Council as reducing local residents’ energy bills. This project clearly shows how the ‘thinking outside the box’ mindset of Firce Capital contributes to long-term capital appreciation across real estate topologies.
