Icade is selling its residual portfolio of individual condominium housing units located in 28 towns in the Paris region for €49.4m excluding duties.
The REIT has signed a bilateral preliminary agreement with the RLF Group for the sale of the residential portfolio.
The transaction will be completed once the customary conditions precedent for sales to social landlords have been met. This will be done over a span of time, with the final deeds to be signed in 2022 and H1 2023.
Through this deal, Icade will dispose of all its non-strategic legacy residential investments.
“This sale ends Icade’s exposure to this asset class. As such, the disposal of legacy assets considered to be non-strategic will further streamline and optimise the value of the portfolio,” explained Antoine de Chabannes, an Executive Committee member in charge of Portfolio Management.
