About
Investment services for private and public equity vehicles
Paragon SA is a real estate firm providing investment services to private and public equity vehicles focused on real estate and real estate-related endeavours in Switzerland and selected markets abroad. Paragon’s principal goal is to identify, asset manage, and operate properties – we also do private equity investments when appropriate. We are a one-stop shop with expertise in finance, leasing, insurance, redevelopment, construction and building operations.
Paragon’s executives are multi-lingual and multi-national and benefit from an international approach to corporate culture combined with a local presence and expertise in local markets.
Paragon’s key strengths lie in distressed opportunities, underperforming and undervalued assets and value-creation opportunities. Investments include single assets, portfolios, joint ventures, and real estate development, as well as real estate-related loans and debt instruments.
We specialize in retail, logistics, office, industrial, and senior and student housing opportunities, and we also do select residential developments.
Paragon stories
Note from the CEO
Mike Wolfson
Mike is the Managing Director and founder of Paragon SA. He previously worked and managed Westcore Switzerland from 2006 until 2012. Mike began his career at Hewlett-Packard’s European headquarters where for eight years he worked in international finance and corporate real estate.
I am delighted to look back not only on 2025, but on the last decade, to see just how far we have come. Despite fierce competition, scarcity of value-add real estate opportunities, as well as the challenges presented by Basel III and the tightening of the debt markets, our team remained focused, disciplined, and entrepreneurial. Thanks as well to the continued trust of our partners and investors, Paragon is entering 2026 with strong momentum and improved foundations.
Creating Strong Partnerships
In 2025, we successfully expanded our Swiss retail footprint with the acquisition of a commercial asset in the Lausanne suburbs, and we completed the purchase of another shopping center in Geneva with a top strategic partner. We are really excited about the overlaps in our retail projects where we can lever tenant relationships at one property to benefit the other.
We also entered into an exciting strategic partnership in the canton of Vaud, with a residential construction company focused on high quality pre-fabricated housing (using concrete), strengthening our ability to originate, develop, and deliver projects efficiently across the value chain in residential real estate.
In parallel, we won the legal challenges related to our Chambesy project at the 1st and 2nd level Cantonal courts, and are now expecting the final granting by the Federal Tribunal of the building permit for two high-end residential buildings in that will begin construction this year together with our partner Swissroc.
We are discovering that residential projects are indeed fascinating and can be very profitable, but they also come with their fair share of challenges and risks which underscores why we have been more focused on commercial real estate in the past which we believe the market has misunderstood in terms of the risk/return fundamentals. We will continue to do deals in the residential space as we enjoy a challenge and finding solutions to complex problems.
From Investor to Operator
A key event in 2025 was the launch of our first ParaBox Self Storage facility in central Geneva, steps away from Cornavin train station. This flagship opening, the largest in Geneva with over 400 units, marks Paragon’s evolution as an owner-operator, combining real estate expertise with operational execution. Early market response has been strong, confirming our conviction in urban self-storage as a resilient, demand-driven business. We love the fundamentals, the technology, and the challenge of starting a business from scratch and plan on opening at least one additional site in 2026 as we continue to grow this new venture.
Macroeconomic Context and Opportunity
It seems like a repeating refrain on a boring music record, but indeed global uncertainty continues to underscore strong demand for safe-haven currencies, reinforcing the outlook for structurally low interest rates in CHF. However, the tightening of the debt market means that there is a need for alternative capital solutions, including private debt, structured equity, and sale-and-leaseback transactions, all areas where Paragon has built recognized expertise.
Switzerland’s strong currency also provides a solid platform for selective international expansion. Alongside continued activity in Canada, Paragon is actively exploring opportunities in the UK and France, countries where we have some experience already and the currency change works in our favour.
People, Culture, and Community
Our people and our culture are the reasons we perform so well. In 2025, we continued to grow and remain actively engaged in recruiting the right kind of mentality to add to our team. Our culture: entrepreneurial, demanding, collaborative, fun, and balanced, is central to our performance. Talented professionals seeking to invest, build, and grow alongside an experienced team are encouraged to connect with us.
Our social and networking events in 2025 were a great success and we are pleased to once again host the Paragon Cup Golf Tournament and the Paragon After-Work Raclette in 2026, informal moments that bring together partners, peers, and friends around shared interests and relationships.
Looking Ahead
As we enter 2026, our focus remains clear: disciplined growth, selective risk-taking, and long-term value creation. With a strong platform, a motivated team, and a clear strategic compass, Paragon is well positioned to turn complexity into opportunity. We thank our partners and investors for their continued trust and look forward to building the next chapter together.
The board
Mike Wolfson
Mike is the CEO and founder of Paragon. His vision was to create a dynamic team offering exceptional performance and a level of trust and transparency that is rare. Paragon was ahead of the curve in providing flexible work models and the opportunity to invest while constructing win-win deals for all stake holders. This culture, where “purpose” and “fun” are intertwined, is part of the Paragon DNA and allows us to attract and keep the best people.
Mike began his career at HP’s headquarters where he worked in international finance and corporate real estate. He designed a “working smart“ model which included the flexibility to work from anywhere and the possibility to redesign office space to fit with activities increasing productivity, allowing for reduced space requirements, and enabling sale and leaseback transactions. Mike previously managed Westcore Switzerland from 2006 until 2012. At Westcore, he facilitated over CHF 300 million worth of commercial real estate transactions and achieved an average internal rate of return (IRR) well above investor expectations (20%+).
A graduate of McGill University in Canada, Mike also holds an MBA from the University of Geneva. Mike speaks French, English and German, and has lived in Europe for over 30 years. Mike is married and the proud father of three grown up children.
Frédéric Berney
Fréderic Berney is a Licensed chartered accountant, HEC Saint-Gall graduate, Partner and member of the board of Berney Associés, a Swiss consulting company.
Frédéric Berney, has worked more than 15 years in broad fields such as audit, accounting, tax and financial advisory, in Geneva and Zürich, serving both Swiss and international clients.
At Berney Group, he specifically focuses in consulting companies, providing them with financial advice and corporate governance guidance , which bring him to be frequently consulted by Paragon’s managers in their real estate related activities.
Kevin Lecocq
For the past 25 years Kevin has been a professional investor at leading firms in New York, London and Zurich. As Global Chief Investment Officer at Deutsche Bank Asset & Wealth Management, he oversaw €310 billion in assets on behalf of wealthy families and institutions.
As chair of the investment committee, he allocated capital across all asset classes but also directly restructured a troubled billion pound UK commercial property fund inherited from his predecessor. Additional former roles include Global CIO at Barclays Wealth and senior executive positions at UBS and Gen Re/Berkshire Hathaway.
Kevin also served five years as an infantry officer in the US Marine Corps and was decorated for heroism in combat. He holds an MBA from UCLA and a BA (honours) from the University of Rochester and is a Chartered Financial Analyst.
Dr. Alan Wolfson
Alan Wolfson is a principal investor in Paragon deals. He has a PhD in Economics earned at Harvard in 1975. From 1974-81, Alan was a professor at the University of Toronto. In 1980-81, he was a research fellow at Oxford University. Then Alan spent a decade in government, with a number of senior appointments in the Ontario Government, culminating in the presidency of the Workers’ Compensation Board. From 1990-97, he was a senior executive at TD Canada Trust, ending up as president of its mutual fund business.
In 1997, Dr.Wolfson joined Capital One, who had IPO’d some two years earlier. He took on the post of Managing Director, International for Capital One, spearheading its growth into non-US markets. Dr. Wolfson retired from Capital One in 2004.
Since then, he has been involved as an advisor and consultant and has served on the boards of a number of companies, as well as non-profit and charitable institutions.
Mike Wolfson
Managing Director & Founder
Mike is the CEO and founder of Paragon. His vision was to create a dynamic team offering exceptional performance and a level of trust and transparency that is rare. Paragon was ahead of the curve in providing flexible work models and the opportunity to invest while constructing win-win deals for all stake holders. This culture, where “purpose” and “fun” are intertwined, is part of the Paragon DNA and allows us to attract and keep the best people.
Mike began his career at HP’s headquarters where he worked in international finance and corporate real estate. He designed a “working smart” model which included the flexibility to work from anywhere and the possibility to redesign office space to fit with activities increasing productivity, allowing for reduced space requirements, and enabling sale and leaseback transactions. Mike previously managed Westcore Switzerland from 2006 until 2012. At Westcore, he facilitated over CHF 300 million worth of commercial real estate transactions and achieved an average internal rate of return (IRR) well above investor expectations (20%+).
A graduate of McGill University in Canada, Mike also holds an MBA from the University of Geneva. Mike speaks French, English and German, and has lived in Europe for over 30 years. Mike is married and the proud father of three grown up children.
Yan Grandjean
Chief Investment Officer
Yan chairs Paragon Group’s Investment Committee and drives acquisitions across the firm. Beyond investments, he plays a central role in operations and asset management, showcasing his broad expertise and leadership. He also heads Parabox, our innovative self-storage operating platform, and leads international expansion in France and Canada, managing complex, multi-market projects with ease. Yan invests personally in every Paragon deal, firmly believing that “skin in the game” is key to success.
He brings extensive real estate and strategic advisory experience from his time at PwC, where he managed the Real Estate Advisory practice, overseeing valuations for acquisitions, due diligence, and portfolio reviews for clients including Swisscanto, Akara Funds, and Migros. Earlier at EY, he worked in Performance Improvement for financial services, delivering strategy, IT, compliance, and management consulting projects for leading institutions such as Swisscanto, Akara Funds, and Migros.
Yan holds a Bachelor’s in Business Administration from HEC Geneva and a Master’s in Finance from the Universities of Lausanne, Geneva, and Neuchâtel. A CFA charterholder and certified RPA developer, he is also a devoted husband and father. Passionate about sports – especially basketball and skiing – he always aims to find time to stay active despite a demanding schedule.
Arthur De Rivoire
VP Asset Management
Arthur is responsible for asset management at Paragon and oversees all of Paragon’s existing projects. Moreover, he contributes to new acquisitions, brokerage activities and business development projects.
Arthur is an entrepreneur at heart and brings to Paragon his experience, creativity, and enthusiasm that has helped contribute to the successful founding of several companies, most notably All Square, a successful golf social media app. He joined Paragon to pursue his passion for Real Estate investment and further develop our activities in Switzerland and beyond. Paragon celebrated our 7 year anniversary with Arthur as a partner in 2024.
Arthur holds a Master’s degree in Finance from the University of Lausanne and began his career in Private Banking in Geneva. He is also a former Swiss National Golf Champion and a proud husband, and father of two beloved children.
Tess Bédat
Finance and Operations
Tess holds the position of Finance and Operations at Paragon SA. In this role, she is primarily responsible for the financial, operational, and budgetary oversight of the group’s entities. She also contributes to the analysis of investment projects and the preparation of Business Plans.
Before joining Paragon SA, Tess served as Chief Financial Officer at Ginkgo Advisor, an investment fund specializing in the regeneration of brownfield industrial sites across Europe. For nearly nine years, she led the Finance department, overseeing real estate valuations, audits, the preparation of project financial statements, and reporting. She was also actively involved in the Due Diligence processes conducted by institutional investors.
Tess began her career in the banking audit department at PricewaterhouseCoopers in Geneva, where she worked for five years.
She is a certified Swiss Chartered Accountant and holds a Master’s degree in Accounting, Control, and Finance from the Universities of Lausanne and Geneva.
Vita Karas
Accountant & Controller
Vita is in charge of controlling all transactions, monitor our financial flows while ensuring that our accounting and accounts are in order. She is also responsible for the HR department of Paragon SA.
She has 30 years of professional experience in accounting and finance, in Switzerland and abroad, in the world of watchmaking, banking, oil, construction and wine company.
Vita is a certified accountant and graduated in Geneva. She obtained a Master’s degree in Economics in Russia and continued her studies in Switzerland. She speaks French, Italian, English, Russian and Ukrainian.
Céline Wolfson
Marketing & Communications Manager
Celine has more than 25 years experience in project management and marketing, both in private and public companies in Geneva and internationally. Her career in the luxury market was forged at Franck Muller Watchland where she presided over sales and purchasing for over 10 years.
For the following ten years, at the University of Geneva she created a successful adult education program (specialized in commodity trading), demonstrating her ability to adapt, her appetite for a challenge, and the commitment to remain focused for over a decade at each venture she commits to.
Celine’s role at Paragon involves maintaining the positive image and reputation of Paragon SA with its partners and investors as well as organizing our corporate events. Celine has a master’s degree in marketing (ESCO Paris and Brooks University, Oxford) and has continued to add to her qualifications throughout her career. She is fluent in French, English, and German and knows the Swiss market very well.
Shahyad Esfandiary
Principal
Shahyad managed Hardstone Real Estate in Geneva, Switzerland from 2006 until 2013, and currently works as a Principal in association with Paragon SA. At Hardstone, with a team of six people, Shahyad acquired and managed a portfolio of real estate assets worth close to a billion euros mainly located in France and Switzerland, achieving double-digit returns for Hardstone’s investors.
Previously, Shahyad worked for 4 years in London and Paris for real estate investment management firm Fountain Capital Partners, where notably he advised on the acquisition of 36, Rue La Fayette for TIAA-Cref, producing double-digit returns. He had moved in 2002 from Schroder Salomon Smith Barney (“SSSB”) where he was a member of the European M&A team.
Shahyad is a graduate of HEC (Paris) and holds a law degree from the University of Buckingham, UK and speaks fluent English and French.
