Icade’s change project was completed in 2009, in accordance with the objectives announced at the end of 2008. The signature of an agreement for the divestiture of a portfolio of residential assets of almost €2 billion – with implementation commencing in 2009 and the majority to be completed in 2010 – accompanied by the acquisition of €1.5 billion of commercial property assets with the acquisition of la Lucette clearly illustrates the strategy of a dynamic property investor.

This movement is in response to the concern to guarantee a more even and secure cash flow profile over the medium term. Icade is thus underpinning its margins for manoeuvre and its distributive capacity for the future.

The single principle of a listed property investment company, with its specific tax status, naturally results in proactive arbitraging and reinvestment, guaranteeing a secure level of distribution. It is for this reason that the divestiture of assets also covered commercial assets which had reached maximum added value.

Icade is firmly establishing itself as a key commercial property investor in the Paris region and nationally across three axes of investment: offices, public and healthcare amenities and shopping centres which, at 31st December 2009, represented a total sum of €3.8 billion, to which the assets of la Lucette have recently been added.

Icade is also a complete property developer with involvement in housing units, commercial property and public amenities. In uncertain markets, Icade adopted a dynamic policy of marketing housing units: almost 5,500 reservations were signed in 2009. Vigilance remains essential in a market where activity has in part been based on accompanying fiscal measures. This prudence is also witnessed in commercial property, where the focus is on projects which present a limited risk.

In the area of property services, Icade has refocused its effort in certain sectors: property management, consultancy and student halls of residence. Other activities, where performance improvements needed to reach a critical size, were sold to external groups for which they formed the heart of the business. Thus, property management towards individuals and facility management were divested to major players in the sector.

All these operations have always been conducted with a concern for social dialogue and for respect for financial balance.

Today, Icade is looking to the future with a portfolio of solid assets. “We bring the city to life” with specific attention paid to sustainable development (new construction of low energy buildings, “HQE® Exploitation” certification for an office building, continuation of the Carbon Audit). Yet these unique assets are also apparent in the unique character of the business parks and their development prospects in the context of Greater Paris, as well as in the teams’ ability and  expertise.