(News Bulletin 247) – Icade reported on Monday a drop of more than 12% in its turnover in the first quarter, its property development division having suffered in particular from the rise in interest rates.
At the end of March, the turnover of the property company, whose reference shareholder is Caisse des Dépôts, amounted to 296.6 million euros, against 337.7 million a year earlier.
In detail, the limited decline of 2.8% in land activity (rental income) was aggravated by the 16% drop in sales of the development division, especially in residential real estate.
The company nevertheless declared that its disposal plan for 2023 was “well underway” after the signing of two sales agreements for more than 100 million euros on offices located in Marseille.
The transaction brings the total volume of disposals committed for the year to nearly 150 million euros.
Following the payment of a dividend for the 2022 financial year of 4.33 euros per share, paid entirely in cash, the amount of the exceptional dividend linked to the sale of Icade Santé will be specified next July.
After this quarterly publication, the Icade share yielded just over 1% on Monday morning on the Paris stock exchange, bringing the group’s capitalization below 3.2 billion euros.
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