Polyclinique de Reims-Bezannes

A leader in healthcare real estate, Icade owned a portfolio worth €6.8bn on a full consolidation basis at the end of June 2022. Its 209 assets (147 in France and 62 in Germany, Italy, Spain and Portugal) include acute, post-acute and long-term care facilities (nursing homes).

Icade Santé, a 58.3% subsidiary of Icade, owns the Healthcare Property Investment Division’s assets located in France. Icade Healthcare Europe, a 59.39% subsidiary of Icade, owns those located in other European countries.

The Group is comitted to a new €3bn investment plan between 2021 and 2025.

Icade Santé holds a portfolio of 147 healthcare facilities (as of 30/06/2022), representing €5.8 billion in assets (excluding duties, at 100%).

Through long-term partnerships, it supports healthcare operators to develop their activities, modernise their facilities, and meet local needs.

The expertise of Icade Santé’s teams covers real estate investment, project management for complex projects, and detailed knowledge of the challenges facing players in healthcare.

Towards a European leadership

From now until 2025, Icade Santé intends to continue its expansion into Europe and assert its role as the leading European healthcare real estate platform.

The preferred partner of operators

Icade Santé, an undisputed leader in the sector, provides support over time for its operating partners as well as the necessary expertise to expand, modernise, and rethink their facilities according to the best technical standards. This know-how allows quality care to be offered in buildings responding to changing needs.

 Thanks to its strengths, Icade Santé has developed long-term partnerships with national private hospitalisation operators, such as Elsan, Ramsay Santé, and Vivalto Santé, but also with regional groups firmly rooted in their local areas.

 The framework agreement signed with the Korian group regarding senior care and services also illustrates this support. Joining forces with Icade Promotion, it is planning to build 16 new facilities (nursing homes and aftercare and rehabilitation centres) for €175 million to be delivered by 2023 in France.

Natural synergies with Icade Promotion

Icade Santé relies on a comprehensive real estate offering thanks to synergies with Icade Promotion’s teams, which can participate in projects to create or modernise healthcare institutions as client representative, project management assistant, planner, or turnkey property developer.

Icade Promotion also constructs buildings located around Icade Santé’s assets dedicated to healthcare activities (medical homes and consultation centres, imaging centres, etc.) on behalf of healthcare professionals or third-party investors.

Icade Santé year of creation


Number of healthcare institutions as of 30/06/2022


Number of partner operators as of 30/06/2022


Average lease term as of 30/06/2022

7.9 years

Icade’s share in Icade Santé as of 31/12/2021

58.3 %

Icade’s share in Icade Healthcare Europe as of 31/12/2021

59.39 %

Net rate of return excluding duties as of 31/12/2021

5.0 %

Value of Healthcare Property Investment investments in 2021

€910 M

Value of Healthcare Property Investment investments in 2020


Value of Healthcare Property Investment investments in 2019


Value of Healthcare Property Investment investments in 2018


Value of Healthcare Property Investment investments in 2017


Value of Healthcare Property Investment investments in 2016


Occupancy rate