Paris, November 10, 2021, 6.45 p.m.
FURTHER ASSET ROTATION AT ICADE WITH THE SALE OF A BUILDING
Icade has signed a bilateral preliminary agreement with a leading French institutional investor for the sale of an office building located at 11-15 avenue Morizet in Boulogne-Billancourt(Hauts-de-Seine) for a total of €45m.
Right in the city centre and 100 metres away from the Marcel Sembat metro station, the building covers almost 5,000 sq.m of office space with 131 parking spaces. It also features extensive green terraces including a vegetable garden. Since 2008, the building has been fully leased to the holding company of a leading global network of marketing and communication agencies with a remaining lease term of nearly 4 years as of September 30, 2021.
The sale is expected to be completed before the end of 2021 once the customary conditions precedent have been satisfied.
Following the sale of the Millénaire 1 (Paris, 19th district) and Le Loire (Villejuif, Val-de-Marne) buildings in April and the Silky Way (Lyon, Rhône) building in early October, this transaction will bring the total amount of office asset disposals since the start of 2021 to over €500m.
This additional sale attests to the continued appeal of Icade's office assets.
DESIRABLE PLACES TO LIVE
As an office and healthcare property investment company (portfolio worth €14.8bn on a full consolidation basis as of 06/30/2021) and a developer of homes, offices and public amenities (2020 economic revenue of €825m), Icade designs, builds, manages and invests in cities, neighbourhoods and buildings that are innovative, diverse, inclusive and connected, with a reduced carbon footprint. Desirable places to live and work. In collaboration with its stakeholders, Icade has made low carbon a strategic priority in order to reinvent real estate and create cities that are healthier, happier and more hospitable. Icade is a key player in Greater Paris and major French cities. It is listed as a "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/