(News Bulletin 247) – The real estate company announced that it had signed a firm agreement with the distributor to buy back 50 million euros of real estate assets.
Icade announces a purchase to end the year 2024. The group, which is both a developer and an office property owner, has announced that its subsidiary Icade Promotion has entered into a firm agreement with Casino to purchase from it a real estate portfolio for a total amount of 50 million euros.
This real estate portfolio of 11 sites is made up of car parks, undeveloped land, walls and ancillary lots adjoining stores. Icade plans to convert these commercial zones into mixed neighborhoods, including the creation of around 3,500 housing units, in accordance with the deployment of its ReShapE strategic plan for the period 2024-2028, announced at the start of the year.
An operation finalized in the first half of 2025
Casino and Icade Promotion have also signed agreements to entrust the real estate management of part of this portfolio to Casino Immobilier, for a period of 4 years. Icade adds that these agreements also provide for the possibility for Casino to subsequently acquire a stake in certain companies, which will carry out the real estate development projects carried out by the real estate company.
For the Casino group, this operation will notably reduce its financial debt, in particular vis-Ã -vis the bond lenders of its subsidiary Quatrim. The transaction is expected to be finalized in the first half of 2025.
On the Paris Stock Exchange, Icade increased by 1.8% around 10:30 a.m. for this last session of 2024, but lost even more 37% over the whole year.
At the beginning of December, Icade expressed its optimism for its annual results. The group had raised its net cash flow forecast for 2024 to take into account the payment of a dividend from Praemia Healthcare, the former Icade Santé. The property company now anticipates net current cash flow (CFNC) in a range raised from 3.78 euros to 3.93 euros per share, compared to 3.55 euros to 3.70 euros previously.
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