Building for every future
Icade is an integrated real estate company, operating both as an investor and as a developer

Financing activity and financial rating

Icade's financial policy is governed by conservative principles: a low debt level, a will to increase the debt average maturity in line with that of the assets, and a diversification of funding sources.‎

Accordingly, the group extended its access to funds to the bond market, both public and private.

Financial Ratios


December 31st, 2017

Loan to Value Ratio (LTV)¹


Interest Coverage Ratio (ICR)


(1)Loan to value = (Net Financial Debt including Mark to Market derivatives) / (Appraisal value of Property Investment Portfolio –excluding rights- + Value of Service and Property development companies)

Financial Rating

The rating agency Standard & Poor's has given Icade the following ratings :


Long term

Short term





September 2013