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Icade to raise €320m in sale of assets from Paris portfolio

Millénaire 1.

French property company Icade has agreed sales of two buildings in Paris for a total of more than €320 million.

A fund managed by Brookfield Asset Management is buying the Millénaire 1 building in the 19th district of Paris. The 29,000 sq m asset, which is on the Millénaire business park, was built in 2007, renovated in 2018 and is fully let to two financial sector tenants.

The Loire building.

Icade, which has SIIC (French REIT) status, has also agreed the sale of the Loire building, in Villejuif, Val-de-Marne, to an investor in the insurance sector.

The 20,000 sq m building was built in 2010 and is let in its entirety to French bank LCL. The asset is part of the LCL campus, which comprises five buildings with a total floor area of 70,000 sq m.

Both sales will be completed in April and are part of Icade’s 2021 disposals plan. The proceeds will be used to finance Icade Santé’s growth and gradually reduce the LTV ratio.