French office and healthcare property investment company Icade has signed a binding sale and purchase agreement (SPA) with Primonial REIM and the minority shareholders of both Icade Sante and IHE.
Icade said this represents another important milestone in the sale of its entire healthcare property portfolio worth a total of €2.6bn based on EPRA NTA as of December 31, 2022.
The SPA covers all the healthcare assets owned by Icade, the sale of Icade’s stake in Icade Sante (IS) and the arrangement of the sale of the asset portfolio owned by Icade Healthcare Europe (IHE), announced by Icade in March 2023.
It was signed after the conditions precedent were met and the Icade Group’s employee representative bodies issued their opinion.
The first stage of the transaction (Stage 1) involving the sale of Icade Sante shares by Icade for a total of €1.4bn, i.e. 64% of Icade’s stake in Icade Sante, is expected to be completed by the end of July 2023 at the latest.
Under the agreement, the parties have reiterated their intention to complete the remaining stages of this transaction by the end of 2025 (Stages 2 and 3).
With this transaction, Icade will no longer control its healthcare business.
”This business was therefore deconsolidated from the Group’s 2023 financial statements in the wake of this transaction being announced,” the company said.
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