Chemin du Ruisselet 16 (formerly Rennier 28) is entering a new chapter – the villa makes way for 7 rental apartments over 280 m² . It is the first project in the TrustStone real estate SICAV portfolio to enter the construction phase since Dominicé took over management in 2025, with a design by the architecture firm MAGIZAN SA. Located in a municipality where the rental market remains under pressure, this development fits squarely within the local densification policy and illustrates our approach: active management, densification of existing built assets, and rapid value creation for investors.
Interview with Mathias Florimont, Real Estate Project Manager
How did the takeover of this project go?
The project had been developed by the previous manager with a non-renewable building permit due to expire on 23 December 2025. The takeover in October 2025 was therefore entirely focused on preserving this permit by addressing all outstanding conditions in order to obtain the municipality’s authorisation and proceed with the start of construction. It is the first project in the TrustStone portfolio to enter the construction phase since Dominicé took over management.
What were the main challenges encountered?
An application for a supplementary permit had been filed by the previous manager to convert the project – initially planned as 7 rental apartments – into 3 condominium units. Negotiations with the municipality were required to revert to the original project without triggering the application of the new, more restrictive regulations that had come into force in the meantime. In addition, the project was initially meant to be carried out in parallel with the vertical extensions and energy retrofits of the three neighbouring buildings (Ruisselet 18-20-22), which would have generated construction synergies. The shift in timing now means an independent execution, which has been factored into the revised schedule and budget.
Can you walk us through the programme and the site’s specific constraints?
The project, designed by the architecture firm MAGIZAN SA, comprises three 1.5-room apartments, three 2.5-room apartments and a 42 m² top-floor studio with a large terrace. The plot is particularly tight and its access is constrained: two protected trees occupy the only vehicle access and required specific protection measures coordinated with the Municipality and certified arborists. The complete demolition of the existing villa, completed in February 2026, makes it possible to develop an entirely new project free from the constraints of an obsolete structure.
What are the next steps, and what does this project represent for TrustStone?
The groundbreaking is planned for early summer 2026, with delivery expected in 2027. Ruisselet 16 is a concrete illustration of the fund’s approach: densifying under-utilised plots in markets where rental demand is structurally strong, by leveraging existing building rights.
