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, 2016

Loan to Value Ratio (LTV)¹

37,9%

Interest Coverage Ratio (ICR)

4,71x

(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

Since

Rating

BBB+

A2

September 2013