Icade Acquires Nine Strategic Casino Group Sites for €32m, Pioneering Urban Renewal

(IN BRIEF) Icade and Casino Group have advanced their strategic partnership through a binding agreement, resulting in Icade acquiring nine out of an 11-site property portfolio for €32 million. The diverse assets—ranging from car parks and undeveloped lands to business premises—are located in key cities such as Marseille, Montpellier, and Angers, and offer strong potential for conversion into mixed-use developments. This initiative, which forms a core part of Icade’s ReShapE strategic plan, is expected to generate approximately 3,050 new housing units and 29,000 square meters of refurbished retail space, while also meeting high environmental standards. Casino Immobilier will manage the portfolio for four years, with future opportunities for Casino Group to acquire stakes in the development companies. The transaction not only supports sustainable urban regeneration but also assists in reducing Casino Group’s debt, setting the stage for further property acquisitions scheduled for Q2 2025.

(PRESS RELEASE) PARIS, 31-Mar-2025 — /EuropaWire/ — Following a binding agreement signed in December 2024 for acquiring a portfolio of 11 properties, Icade and Casino Group are pleased to announce that Icade has successfully acquired the first nine sites for a total consideration of €32 million. These properties—which include car parks, undeveloped lands, business premises, and ancillary lots adjacent to stores operated by third parties—are strategically located in Marseille (Bouches-du-Rhône), Montpellier (Hérault), Angers (Maine-et-Loire), Gassin (Var), Villefranche-sur-Saône (Rhône), Riantec (Morbihan), Redessan (Gard) and Savigné-l’Évêque (Sarthe). They hold considerable potential for conversion, such as transforming city fringes into mixed-use neighbourhoods. Notably, two of the acquired sites, Marseille and Montpellier Sud, will be developed in collaboration with CDC Habitat Group.

The redevelopment of these sites could potentially accommodate around 3,050 new housing units and provide 29,000 square meters of renovated retail space, all while meeting high environmental and urban enhancement standards—including ambitious rewilding objectives. Alongside the acquisition, Casino Group and Icade Promotion have signed agreements under which Casino Immobilier will manage the portfolio for a period of four years. Furthermore, these agreements include provisions that may allow Casino Group to take a stake in the companies that will eventually own the property development projects initiated by Icade.

For Icade, this move is fully aligned with its ReShapE strategic plan, which is focused on building the city of 2050 today. The transformation of these sites into vibrant, mixed-use neighbourhoods will be executed through Icade’s Ville en Vue solution—a dedicated approach that brings together all relevant stakeholders while leveraging deep expertise in spatial planning.

Charles-Emmanuel Kühne, CEO of Icade Promotion, commented, “This first transaction once again demonstrates Icade’s role as a key player in building the city of 2050 by transforming entire neighbourhoods. In response to the challenges posed by the ‘no net land take’ objective, the housing shortage, and the resizing of retail spaces, Icade and the CDC Habitat Group are injecting fresh momentum into the redevelopment of these areas. I would like to thank the Casino Group teams for their trust.”

The transaction is also expected to ease Casino Group’s financial obligations—particularly with respect to the bondholders of its subsidiary Quatrim—while leveraging Casino Immobilier’s expertise to benefit leading real estate players. Stéphanie Zolesio, Chairwoman of Casino Immobilier, added, “Casino Group aims to expand its convenience retail solutions as part of its Renouveau 2028 plan. By increasing our presence, we help transform local communities through active engagement in urban, social, and environmental initiatives. Casino Immobilier will support Icade and CDC Habitat Group in their sustainable, value-creating regeneration projects—a vision we fully share—while also helping to reduce our Group’s debt in the short term. I would also like to thank the teams at Icade for their confidence in us.”

The remaining sites from the portfolio are expected to be acquired in Q2 2025, contingent upon the fulfilment of the necessary conditions precedent.

ABOUT ICADE

Icade is a full-service real estate company with expertise in both property investment (portfolio worth €6.4bn as of 12/31/2024 – 100% + Group share of joint ventures) and property development (2024 economic revenue of €1.2bn) that operates throughout France. Icade has forged long-term partnerships to respond to emerging trends in the industry. It has made climate issues and the preservation of biodiversity central to its business model to reinvent real estate and contribute to more sustainable cities. It is listed as an “SIIC” on Euronext Paris and its leading shareholder is the Caisse des Dépôts Group.

The text of this press release is available on the Icade website: www.icade.fr/en

Contacts:

Anne-Violette Faugeras
Head of Finance and Investor Relations
+33 (0)7 88 12 28 38
anne-violette.faugeras@icade.fr

Marylou Ravix
External Communications Manager
+33 (0)7 88 30 88 51
marylou.ravix@icade.fr

ABOUT CASINO GROUP

Casino Group is a recognised leader in the French retail market, operating the country’s largest network of convenience stores with close to 7,500 outlets. It also ranks second in online non-food retailing through its Cdiscount brand. Thanks to its more than 25,000 employees driven by their passion for retailing and customer service, the Group has built a portfolio of strong, dynamic, complementary brands and reported net sales of €12.5 billion including VAT in 2024. With a clear vision of how its industry is changing, the Group is committed to accelerating the transformation of retail.

Icade Acquires Nine Strategic Casino Group Sites for €32m, Pioneering Urban Renewal

SEARCH 30,000+ EUROPEAN PRESS RELEASES

About EuropaWire

PRs by Dates

Industries & Countries

Archived PRs

Recent PRs

POPULAR TAGS

Links