Icade divests housing units in France for €40m

Icade divests housing units in France for €40m

Icade has sold a portfolio of individual condominium housing units to the RLF Group for €40 million.

The latest in a series of sales, this transaction has enabled Icade to complete the disposal of its residual residential portfolio worth around €50m, in line with the preliminary agreement signed on May 12, 2022.

The sale includes properties in 62 different locations, with most of them in Cergy (Val-d’Oise), Poissy (Yvelines), Créteil (Val-de-Marne) and Gagny (Seine-Saint-Denis).

It follows on from a series of closings since September 2022 for nearly €10m, including those for which tenants elected to exercise their pre-emptive rights. This transaction, for which negotiations began in 2021, was completed in line with the terms set out in the preliminary sale agreement.

“Through this deal, Icade has disposed of all its legacy residential investments. This disposal of nonstrategic assets has enabled us to further streamline our portfolio,” said Antoine de Chabannes, Executive Committee member in charge of Portfolio Management.

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