Icade - Performance as of september 30, 2019 : a very active third quarter.


  • Property Investment:


Leasing activity:

  • Office Property Investment: Rental income up 1.7% on a like-for-like basis
  • Healthcare Property Investment: Rental income soars by 10.5% on a reported basis


Asset rotation:

  • Two significant disposals in the office segment for €1.1 billion, +12.5% above NAV;
  • Investment in Office Property Investment: nearly €380 million; 
    • The Healthcare Property Investment Division continues to expand with nearly €295 million invested so far this year, including:

International: New transactions in Italy, including the acquisition of 7 nursing homes signed in October with healthcare company Sereni Orizzonti, bringing total investments to €51 million in this country since the beginning of the year;

France: Acquisition of 12 new medium- and long-term care facilities for €191 million.

  • Property Development:
  • Business indicators in line with H1: revenue at €591 million (-12.4% for the residential segment)  
  • Residential backlog up (+14.9%)


  • FINANCING: Icade Santé rated BBB+ by S&P and upcoming inaugural bond issuANCE


  • 2019 guidance confirmed:
  • Group net current cash flow per share should at the very least remain stable, excluding the impact of 2019 disposals
  • 2019 dividend: c.+4.5%



Anne-Sophie Lanaute

Head of financial communication and investor relations