Icade — M&A Activity 2023

Jun 13, 2023

PRESS RELEASE Paris, June 13, 2023, 7.00 p.m.

ICADE REACHES A NEW MILESTONE IN THE SALE OF ICADE SANTÉ BY SIGNING THE BINDING SALE AND PURCHASE AGREEMENT

Icade has today signed the binding Sale and Purchase Agreement (SPA) with Primonial REIM and the minority shareholders of both Icade Santé¹ and IHE. This represents another important milestone in the sale of its entire healthcare property portfolio worth a total of €2.6bn based on EPRA NTA as of December 31, 2022.

The SPA covers all the healthcare assets owned by Icade, i.e. the sale of Icade's stake in Icade Santé (IS) and the arrangement of the sale of the asset portfolio owned by Icade Healthcare Europe (IHE), strictly in line with the terms set out in the press release published by Icade on March 13, 2023.

It was signed after the conditions precedent were met and the Icade Group's employee representative bodies issued their opinion.

The first stage of the transaction ("Stage 1") involving the sale of Icade Santé shares by Icade for a total of €1.4bn, i.e. 64% of Icade's stake in Icade Santé, is expected to be completed by the end of July 2023 at the latest.

Under the agreement, the parties have reiterated their intention to complete the remaining stages of this transaction by the end of 2025 (Stages 2 and 3).

As a reminder, this transaction immediately results in Icade's no longer controlling its healthcare business. This business was therefore deconsolidated from the Group's 2023 financial statements in the wake of this transaction being announced.

As previously reported, Icade will present the impact of the transaction on the Group's 2023 NCCF during its Half Year Results presentation and once Stage 1 is completed. It will also provide information on the amount of the special dividend for the financial year 2023 and the timing of its payment.

¹ Crédit Agricole Assurances Group's "Messidor" SPPICAV; Sogecap's "Sogecapimmo" SPPICAV; BNP Paribas Cardif's "C Santé" SPPICAV and CNP Assurances' "Holdipierre" SPPICAV

ABOUT ICADE DESIRABLE PLACES TO LIVE

As an office and healthcare property investment company (portfolio worth €15.1bn on a full consolidation basis as of 12/31/2022) and a developer of homes, offices and public amenities (2022 economic revenue of €1.3bn), 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

CONTACTS

Anne-Sophie Lanaute Marylou Ravix Head of Financial Communication and Investor Relations External Communication Manager +33 (0)1 41 57 70 29 +33 (0)7 88 30 88 51 anne-sophie.lanaute@icade.fr marylou.ravix@icade.fr