A major player in the French property market

Icade is a listed real-estate company, subsidiary of the Caisse des Dépôts, which carries out business activities in property investment, development and related services in the offices, business parks, shopping centres, public-healthcare amenities and housing sectors.

Expertise in its different business lines means that Icade is able to provide its clients with personalised solutions and act in respect of all the current concerns of the property sector.

In 2009, Icade reported consolidated turnover of 1,506 million euros and net current cash-flow of 184 million euros. At 31 December 2009, the revalued liquidation net asset value rose to 4,130 million euros, i.e. 84.5 euros per share.

> To see all Icade’s key figures, click here !

status of listed property investment company

In 2007, Icade opted for the status of listed property investment company (SIIC) by merging virtually all its property investment companies.  This new status enables its structures to be simplified and its corporate model to be improved by making it more efficient in terms of development and profitability.

In the short term

Icade will continue its two year old strategy of moving its assets towards commercial property :
- incorporation of la Lucette, which is highly antidilutive concerning cash flows. This will allow Icade to consolidate its position as a key property-investment company in French commercial property, with the second-largest portfolio of offices among property-investment companies listed in France ;
- completion of the sale of housing units in 2010  within the framework of the agreement signed with the social housing organisations enabling proactive distribution of dividends ;
- the sale of mature assets, particularly in Germany, which have limited value-creation potential ;
- the control of LTV (no debt problems) allows the retention of margins for manoeuvre for the completion of new operations that are antidilutive for cash flow.

In the medium term

The prospects for creating value are attractive and are related :
- to a pipeline of close to €1 billion. This investment project pipeline, of a sum of about €0.9 billion, characterises Icade’s willingness to rely on the expertise of its Commercial Property Development business to develop projects which generate future cash flows and which create value in the medium term ;
- to the expected recovery in the property development market ;
- to the development of business parks, which are significant growth opportunities, with land reserves of about 80 ha  ideally located in the north-east of Paris, which dovetail perfectly within the scope of the Greater Paris project. The control of these unique property reserves will allow Icade to develop in accordance with the requirements of the market.