Icade is awarded the construction of an office development in the Archipel-Wacken international business district in Strasbourg and signs a preliminary agreement to sell the Open building in Issy-les-Moulineaux
Icade’s application selected in the call for expressions of interest for the construction of a European office development of about 40,000 sq.m in lot E of the Archipel-Wacken international business district in Strasbourg
On October 25, 2018, Icade won a selection process launched by the City of Strasbourg, and led collaboratively with the Strasbourg Eurometropolis, the Bas-Rhin Departmental Council and the Grand-Est Region, for the construction of a European office development of about 40,000 sq.m in the Archipel-Wacken international business district in Strasbourg.The Osmose project presented by Icade provides for the development of a major European business district in the immediate vicinity of the European Parliament, with the objective of making it the most important office district in Strasbourg. The scheme is scheduled for completion at the end of 2020.For this project, Icade will be working in collaboration with Caisse des dépôts, architect firms Art & Build (Paris, Brussels, Luxembourg) and Oslo Architectes (Strasbourg), as well as the general contractor Demathieu et Bard.
Signing of a preliminary agreement to sell the Open building in Issy-les-Moulineaux for €98.8 million excluding duties
Icade has entered into a bilateral sale agreement with a leading French institutional investor for Open, its 9,200-sq.m headquarters building in Issy-les-Moulineaux.
This transaction amounts to €98.8 million excluding duties.
It is expected to be completed by the end of the year, once customary conditions precedent have been satisfied. Icade will remain the tenant of the building under a lease that will be signed simultaneously with the sale.
The Open building was refurbished in 2016 following the departure of its previous occupier. The Open building, which houses Icade’s headquarters, offers a flex office environment.
This sale will further support the proactive management of Icade’s office portfolio, in line with the objectives announced at the time the 2019–2022 Plan was presented last July. In particular, the proceeds from this disposal will be used to fund the development pipeline.