2021 Annual Integrated Report

For the fourth consecutive year, Icade is publishing an Annual Integrated Report based on the recommendations of the International Integrated Reporting Council (IIRC), the global framework for integrated reporting.

Intended for all its stakeholders, this document offers a concise overall view of the Group in 2021, including its Purpose, strategy, objectives, performance and governance. By presenting both financial and nonfinancial performance indicators, it provides a clear and transparent account of how Icade creates value in the short, medium and long term, for the benefit of its customers, partners, employees, local authorities and communities, as well as society as a whole.

Olivier Wiginiolle Chief executive officer

« Icade is looking more than ever towards the future with high goals, an abundance of energy and a deep sense of our societal and environmental responsibilities. »

Icade’s three business lines performed strongly throughout 2021, confirming the relevance of its diversified business model and the adaptability of its activities to the challenges of the post-Covid city.

These results mean the Group is on course to achieve the goals set out in its ambitious and responsible roadmap for 2021–2025, which is both growth and value-creation oriented.

Keys figures


€1.7 Bn

+ 15 % of which €1.6bn on a proportionate consolidation basis.

GROUP NCCF (attributable to the Group)

€389.7 m

+ 8,8 %


€15,5 Bn

+ 3,8 % of which €12.2bn on a proportionate consolidation basis.


€6.9 Bn

+ 8,6 %


€361.1 m

+ 2,9 %

NET PROFIT/(LOSS) (attributable to the Group)

€400.1 m

(vs. €79.5m as of 12/31/2020)

Employee involvement

Once again this year, employees and external stakeholders played a decisive role in the implementation of the Group's Purpose, defined and integrated into the company's statutes in 2020. Thanks to their involvement and a strong will, Icade was able to better promote its activities.



FRESK, a flagship refurbishment project with over 20,000 sq.m of offices and amenities developed by the teams at the Office Property Investment Division and Icade Promotion in collaboration with architecture firms SCAU Architecture and ACTO Architecture, has been home to PariSanté Campus, the face of digital health of the future, since December 2021.



As of December 31, 2021, Icade had issued two green bonds for a total outstanding amount of €1.2bn used to finance an identified portfolio of nearly €2.5bn of eligible assets in operation or under development.


Talent pool for the future

Icade’s Talent Pool for the Future aims to develop talent, provide its members with a better understanding of the Group and help them look towards the future with the support of mentors. Olivier Wigniolle, the programme’s sponsor, welcomed the inaugural group in October.


Urban Odyssey

In 2021, Icade’s start-up studio URBAN ODYSSEY ramped up with a third call for entrepreneurs and the launch of four start-ups on the innovative topics of co-living, low carbon, heat recovery and artificial intelligence.


Icade Santé

Icade Santé, operating in Italy and Germany, with Spain and Portugal added to its portfolio a few months ago, is a European leader in healthcare real estate.


Athletes Village

An example of the sustainable and inclusive city of tomorrow, the Athletes Village will become, from 2025 onwards, an innovative neighbourhood with homes, shops, offices and new public amenities for the residents of Saint-Ouen-sur-Seine and Plaine Commune.

Stepping up our CSR commitments

In line with its Purpose, Icade’s CSR commitments are reflected in its strategic choices and the implementation of an ambitious policy that creates value for all its stakeholders.


Ramping up

low-carbon transition and preserving resources



solutions that include new habits and lifestyles and promote the well-being of occupants in partnership with local authorities and communities



employee skills development, workplace well-being and diversity

5 CSR priority issues on which Icade wants to position itself as a leader


Impact on climate change

Taking action to fight climate change over the building life cycle with efficient and resilient buildings that meet the modern needs of their users.

Preserving biodiversity

Reducing the impact on biodiversity and preserving the ecological heritage by fostering the development of solutions to reintroduce nature into the city, in order to meet the expectations of local authorities and contribute to improving the quality of life of urban dwellers.

Scarcity of resources and the circular economy

Reducing the use of natural resources, especially for construction materials, supporting the development of a circular economy and the use of sustainable materials.


Territorial cohesion and inclusion

Participating in local economic development and addressing local issues and user needs, especially for the most vulnerable, by developing solutions that promote social cohesion and inclusion as well as social, functional and age diversity.


Engagement, agility and collaboration

Adopting new managerial and work practices that foster collaboration, cross-functional working, innovation and employee engagement.

Higher goals for each division

In early 2022, Icade announced the ramping up of its transition to a low-carbon pathway, with more ambitious objectives for its three divisions, in line with a 1.5°C pathway. These new commitments aim to comply with the new Net-Zero Standard developed by the international Science Based Targets initiative (SBTi). They will also be the subject of a “Say on Climate & Biodiversity” resolution at the General Meeting to be held on April 22, 2022.

  • Office Property Investment

    Reduce carbon intensity by 60% between 2019 and 2030 (in kg CO₂/sq.m/year).

  • Healthcare Property Investment

    Reduce carbon intensity by 37% between 2019 and 2030 (in kg CO₂/sq.m/year).

  • Property Development

    Reduce carbon intensity by 41% between 2019 and 2030 (in kg CO₂/sq.m/year).

Rethinking the city of the future together

Stepping up interaction between experts and Icade employees

In order to further explore future societal, environmental and business issues, Icade has assembled a group of inspiring external participants.

As a result, three working groups, each led by a recognised expert, examined three major societal issues. Since June 2021, the paleoclimatologist and Nobel
Prize winner Jean Jouzel has coordinated the work of the “Climate and Low Carbon” group, Brice Teinturier, Deputy CEO of Ipsos, the group dedicated to societal transitions, and Gilles Boeuf, biologist and Chairman of the National Museum of Natural History, the group focused on biodiversity.

Icade's actions

At the heart of its Purpose, Icade acts for a low-carbon city, for a mixed and inclusive city, for an innovative and connected city.

Paving the way for low-carbon cities

The real estate industry is responsible for 25% of greenhouse gas emissions in France and therefore has a major role to play in the fight against global warming. A pioneer in low-carbon construction in France, Icade strengthened its commitments by announcing an ambitious new strategy in early 2022 called “Low Carbon by Icade”. This strategy is underpinned by the conviction that a liveable city is above all a city that protects its resources and the environment.

Learn more

Making cities diverse and inclusive

Places where people want to live and work are also places that promote diversity and inclusion. This type of city envisioned by its stakeholders reflects Icade’s history and is central to its Purpose. As lifestyles, habits and user expectations evolve, the Group has innovated and worked every day to make living together easier.

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Developing innovative and connected cities

To address major social, environmental and climatic challenges, cities must undergo a transition and adapt to new lifestyles and work habits. In the aftermath of an unprecedented health crisis that has changed the way we think about our living and working environments, the city’s stakeholders are innovating on a daily basis to create sustainable smart cities.

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Interactive document

Discover the 2021 Integrated Annual Report document in an interactive format with enriched content.

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2021 Annual Integrated Report

24 March 2022 PDF - 15.08 MB