Icade finalizes disposal of flagship Champs-Elysees asset
Icade announced on Thursday evening the completion of the sale of the Marignan building on the Champs-Elysees for 402 million euros. This "premium" transaction is intended to crystallize portfolio value and further the group's strategic refocusing.
Following the signing of the preliminary sale agreement in December 2025, ownership of the massive 12,000-square-meter Art Deco building was officially transferred yesterday to Black Swan Real Estate Capital, acting on behalf of Bain Capital and Revcap funds.
Quoted in a press release, Nicolas Joly, CEO of Icade, emphasized that the sale of this "iconic" asset from the REIT's portfolio was executed "under excellent conditions."
The transaction was completed at a valuation of 33,000 euros per square meter, representing a premium of over 20% relative to the Net Asset Value (NAV) as of December 31, 2024.
The real estate group, which manages a portfolio exceeding 6 billion euros, believes this operation illustrates its ability to generate value through "dynamic" asset management and strategic portfolio rotation.
Located at 29-33 Avenue des Champs-Elysees, the Marignan building - dating back to the 1930s - spans seven floors, comprising 7,300 square meters of office space and 4,800 square meters of retail space.
Icade is scheduled to release its first-quarter activity report on Thursday, April 16, after the market close.
Icade is both a commercial real estate company (assets at 12/31/2025: EUR 6.1 billion, including 100% ownership and joint-venture interests) and a property developer (net sales in 2025: EUR 1.1 billion), operating throughout France. As a long-term partner, Icade responds to changing needs and puts climate issues and the preservation of biodiversity at the heart of its business model, reinventing real estate and contributing to a more sustainable city.
Listed (SIIC) on Euronext Paris, Icade's main shareholder is the Caisse des Dépôts group.
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