Residential Property

On 13th November 2009, Icade signed an agreement with a consortium of social-housing organisations led by SNI, a subsidiary of Caisse des Dépôts, for the definitive offer it had received on 30th June 2009. These organisations wish to increase the size of their asset base, particularly in the Paris region. By turning to these organisation for a block sale, Icade is ensuring the  durability of an asset base of quasi-social rented housing since these organisations enjoy a non-competitive economic environment and loan facilities. The offer that has been signed also pledges to retain staff attached to these assets, as well as administrative personnel necessary for
managing them.

Under this agreement Icade will, in 2009 and 2010, have sold more than €2 billion of assets, or some 29,500 housing units. At the same time, Icade will transfer almost 4,745 housing units to an ad hoc structure held with SNI which will manage them.

On completion of these activities, Icade will continue as planned, the sale, by unit, of the housing units held under joint ownership, comprising 1,553 housing units by the end of 2009.