Icade, an integrated real estate company and a significant player in Greater Paris and major French cities
Icade owns a commercial property portfolio of €8.7bn (as of 12/31/2018) made up largely of offices and business parks in the Paris region and major French cities.
Three years after announcing its strategic plan, Icade is delivering on its growth and performance ambitions, demonstrating the relevance of its model as an integrated real estate player
- Continued positive momentum across our three business lines: Commercial Property Investment, Healthcare Property Investment and Property Development.
- Stronger synergies between Property Investment and Property Development
The Office Property Investment Division’s portfolio consists primarily of office assets located in the Paris region but also, since 2017, as a result of acquiring ANF Immobilier, of office buildings in major cities outside the Paris region.
On a proportionate consolidation basis, the overall value of the Office Property Investment Division’s portfolio was €8,745.1 million excluding duties as of December 31, 2018 vs. €8,530.0 million at the end of 2017, i.e. an increase of €215.1 million (+2.5%). On a full consolidation basis, the Office Property Investment Division’s portfolio was worth €8,912.8 million vs. €8,751.2 million as of December 31, 2017. The year 2018 was characterised by the ongoing asset rotation achieved through a large volume of disposals representing €534.8 million (fair value as of 12/31/2017 of assets sold), offset by significant investments in the development pipeline (€487.2 million – capex and amounts invested in 2018 in off-plan acquisitions). Excluding the impact of disposals and investments completed in 2018, the like-for-like change in value of Office Property Investment assets was +2.3% (i.e. +€180.8 million).
Focus on Property Investment Divisions
The Commercial Property Investment Division’s portfolio consists primarily of office assets located in the Paris region but also, since 2017, of office buildings in major cities outside the Paris region. The whole portfolio is valued at €8.5 billion on a proportionate consolidation basis (€8.8 billion on a full consolidation basis). It can be broken down between office buildings valued at €4.7 billion and business parks (also mainly composed of office assets) valued at €3.6 billion. It also includes a portfolio of hotels as a result of acquiring ANF Immobilier and a portfolio of residual assets, made up of warehouses and housing units (worth €183 million as of December 31, 2017, i.e. 2.1% of the Commercial Property Investment Division’s portfolio).
Geographical Portfolio Distribution (%) – Offices and Business Parks December 31st, 2017
*€8.3 bn based on proportionate consolidation basis
Total investments over the period amounted to €513.3 million . This amount breaks down as follows according to the recommendations of EPRA:
- Off-plan acquisitions for a total of €193.5 million, which included the following projects Go Spring in Nanterre (Hauts-de-Seine) Gambetta (20th district of Paris) and Orianz (Bordeaux) ;
- Projects under development (€219.0 million), including €160.0 million for offices and €59.1 million for business parks ;
- Other capex and investments (€102.8 million).
In line with its asset management policy, Icade made disposals totalling €588.4 million in the financial year 2018.
The financial occupancy rate stood at 93.4% as of December 31, 2018, up 0.9 pp year-on-year, thanks to strong leasing activity, especially in the Portes de Paris and Rungis business parks.