Issy-les-Moulineaux, France, 04-Jan-2019 — /EuropaWire/ — On December 28, 2018, pursuant to the preliminary agreement signed last October 25 Icade sold Open (9,200 sq.m), its headquarters building located in Issy-les-Moulineaux, for €98.8 million excluding duties, to a major French institutional investor. Icade will remain the building’s sole tenant under a lease that was signed at the same time as the sale.
This disposal is consistent with the strategy set out by Icade in July 2018: to step up asset rotation in the office portfolio through sales of core assets and reinvest the proceeds from these disposals in development projects of the Office Property Investment Division as well as in the international expansion of Icade Santé.
Building for every future
As an investor and a developer, Icade is an integrated real estate player which designs innovative real estate products and services adapted to new urban lifestyles and habits. By placing corporate social responsibility and innovation at the core of its strategy, Icade is closely involved with stakeholders and users in the cities—local authorities and communities, companies and employees, institutions and associations… As an office and healthcare property investor (portfolio value of €11.4bn as of 06/30/18 on a proportionate consolidation basis) and as a property developer (2017 economic revenues of €1,209m), Icade has been able to reinvent the real estate business and foster the emergence of tomorrow’s greener, smarter and more responsible cities. Icade is a significant player in the Greater Paris area and major French cities. Icade is listed on Euronext Paris as a French Listed Real Estate Investment Company (SIIC). Its leading shareholder is the Caisse des dépôts Group.
The text of this press release is available on the Icade website: www.icade.fr
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