Sale of 49% of the Eqho Tower for €365M - Sale of Crystal Park completed for €691M - Acquisition of a portfolio of 12 healthcare facilities in France completer for €191M

These transactions mark an acceleration in the implementation of Icade’s 2019–2022 strategic plan: Rotation of mature assets from the Office Property Investment Division, with the final deed of sale signed for the Crystal Park asset, a preliminary agreement signed for the partial sale of Eqho, and reinvestment in healthcare assets, with the acquisition of a portfolio of 12 medium- and long-term care assets. The first half of 2019 has been very active for Icade: these major transactions, which fit perfectly with our strategy, have confirmed the relevance of our strategic plan.

Olivier Wigniolle Icade CEO

Icade signs a preliminary agreement to sell 49% of the Eqho Tower for €365M


On August 2, 2019, Icade, which fully owns the company holding the Eqho Tower, and an OPPCI owned by leading South Korean investors represented by Etoile Properties, signed a bilateral sale and purchase agreement with respect to the sale of a 49% interest in that company, based on a total asset value of €745m excluding duties.
The Eqho Tower consists of 78,500 sq.m of offices and services and 1,110 parking spaces. It is located in Courbevoie, next to the Boulevard Circulaire which surrounds Paris-La Défense. It is fully leased to first-class tenants (including KPMG, Banque de France and Air Liquide) with a weighted average unexpired lease term of nearly 7 years as of June 30, 2019.
Icade has also granted the purchaser an option to acquire the remaining 51% by the end of 2020.
The sale of the 49% stake in the company holding the Eqho Tower is scheduled to be completed at the end of September 2019, once the customary conditions precedent have been fulfilled.

Eqho Tower in Courbevoie (92) - ©Fernando Urquijo

 Eqho Tower in Courbevoie (92) - ©Fernando Urquijo

Icade completes the sale of the Crystral Park building in Neuilly-sur-Seine for €691 millon


Following the bilateral sale and purchase agreement signed on June 5, 2019, Icade has sold the Crystal Park office building to Samsung Securities, which has been advised by La Française and has acted as asset manager and co-investor.
This 44,000-sq.m building complex is fully leased to four first-class tenants, including PwC.
This sale totals €691 million2 excluding duties, with a net initial yield including transfer taxes of 3.67%.

Crystal Park building in Neuilly-sur-Seine (92)

Crystal Park building in Neuilly-sur-Seine (92)

Contact

Anne-Sophie Lanaute

Head of financial communication and investor relations

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