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Icade — Capital/Financing Update 2016
Oct 5, 2016
1424_iss_2016-10-05_4d1cc356-a26d-4e7e-bfbd-33b05f95d77a.pdf
Capital/Financing Update
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PRESS RELEASE
Paris, Wednesday, 5 October 2016
DYNAMIC MOMENTUM FOR ICADE'S COMMERCIAL PROPERTY INVESTMENT DIVISION
- Sales: signing of a preliminary agreement to sell the Nanterre Seine business park and the Défense 3 office building ( total area: 84,000 sq.m)
- Acquisition: signing of a preliminary agreement to acquire an office building in Issy-les-Moulineaux (16,000 sq.m)
Icade signs a preliminary agreement to sell the Nanterre Seine business park and the Défense 3 office building
Icade has entered into a preliminary agreement to sell its Nanterre Seine business park (excluding the Axe Seine building) and the Défense 3 office building situated in Nanterre for a total amount of around €145 million. These two assets total a leasable floor area of 84,000 sq.m.
Icade's Nanterre Seine business park is located near the A86 motorway and consists of offices and business premises leased to about 60 different tenants.
The Défense 3 office building is on boulevard des Bouvets, near the Nanterre Préfecture train station.
The final sale agreement is expected to be signed by the end of 2016, subject to satisfaction of customary conditions precedent.
This transaction is in line with the strategic roadmap announced in November last year.
Icade signs a preliminary agreement to acquire an office building in Issy-les-Moulineaux
Icade has entered into a preliminary agreement to acquire an office building for around €140 million.
This building is fully leased to a first-class tenant with a remaining term to first break of 2 years. It extends to about 16,000 sq.m and is excellently located next to the Paris ring road.
This project, which follows the acquisition of the Orsud office building (€50 million), last July, confirms the new investment strategy pursued by Icade for its office property portfolio. These acquisitions are in addition to the pipeline of projects under development.
ABOUT ICADE
As a French listed real estate investment company (SIIC) belonging to the Caisse des Dépôts Group, Icade is a major player in Greater Paris and territorial development. Icade is a key integrated property player able to provide comprehensive, sustainable and innovative solutions that are tailored to customer needs and to the challenges of tomorrow's cities. As at 30 June 2016, it recorded EPRA Earnings of €136.1 million, a net current cash flow of €145.9 million, and an EPRA triple net asset value (NNNAV) of €5,473.6 million, i.e. €74.2 per share.
The text of this press release is available on the Icade website: www.icade.fr.
CONTACTS
Guillaume Tessler, Head of financial communication and investor relations Tel: +33 (0)1 41 57 71 61 [email protected]
Charlotte Pajaud-Blanchard, Press relations manager Tel: +33 (0)1 41 57 71 19 [email protected]