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Icade M&A Activity 2019
1424_iss_2019-06-06_36d73537-4e8c-4441-a4d1-5ea74a9706d2.pdf
M&A Activity
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PRESS RELEASE Issy-les-Moulineaux, June 6, 2019, 7:15 a.m.
ICADE: PRELIMINARY AGREEMENT TO SELL THE CRYSTAL PARK BUILDING FOR €691 MILLION
On June 5, 2019, Icade entered into a bilateral sale agreement with a leading South Korean investor advised by La Française, acting as asset manager and co-investor, for the Crystal Park building located in Neuilly-sur-Seine (in the Western Crescent of Paris).
This 44,000-sq.m building complex stands out for its services and private, protected woodland areas covering 20,000 sq.m. Recently renovated, Crystal Park is fully leased to four first-class tenants.
This sale totals €691(1) million excluding duties and the final deed of sale is expected to be signed by the end of July, once customary conditions precedent have been satisfied.
Following nearly €600 million in property sales in 2018, this transaction will be carried out as part of implementing Icade's 2019–2022 plan, with stepping up sales of core assets in a buoyant real estate market as one of the main priorities in 2019. The proceeds from these sales will be reinvested in the Office Property Investment Division's development projects and Icade Santé's further expansion both in France and abroad.
(1): before the effect of commercial benefits and miscellaneous work remaining at the expense of Icade
ABOUT ICADE
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 working closely 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 €11.3bn as of 12/31/18 on a proportionate consolidation basis) and as a property developer (2018 economic revenues of €1,251m), 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
| CONTACTS | |
|---|---|
| Anne-Sophie Lanaute Head of Financial Communication and Investor Relations +33(0)1 41 57 70 29 |
Charlotte Pajaud-Blanchard Press relations manager +33(0)1 41 57 71 19 |
| [email protected] | [email protected] |