(News Bulletin 247) – The real estate company Icade announced on Wednesday evening that it had taken a first step in the sale of its health activities with the sale of a 63% stake in the subsidiary for a total amount of 1.4 billion euros. euros.
As part of this transaction, Primonial REIM was chosen to take over management of the real estate assets previously held by Icade Santé.
The company will also manage the Icade Healthcare Europe (IHE) portfolio, valued at €850 million, until the end of 2024.
In a press release, Primonial REIM highlights the “very qualitative” portfolio of the scope acquired, mainly composed of short-term clinics.
Icade, which plans to sell its entire healthcare portfolio by 2025, points out that this step will result in the deconsolidation of healthcare activities in its financial statements.
‘Note that this 1.4 billion euros represents exactly half of the market capitalization of Icade or approximately 18.3 euros per share’, note this morning the analysts of Invest Securities.
‘Although the operation is, in part, intended to reduce the stock market discount, the share price remains totally indifferent, the market, and in particular the Anglo-Saxon players, focusing on the risks attached to suburban offices and the coup generalized brake in France in the residential development, ”explains the provider of investment services.
On the Paris Stock Exchange, the Icade share was down 0.8%, outperforming an SBF 120 index down 1.2%.
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