Earnings● Neutral
Icade Sells Champs-Élysées Building, Reacquires EQHO in H1
Icade's H1 update: EUR 402m sale on Champs-Élysées, EUR 75m Portuguese exit, and full ownership of EQHO tower. The disposal plan accelerates.
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Icade advanced its asset disposal program in the first half. It sold a building on the Champs-Élysées for EUR 402 million and signed an agreement to exit its Portuguese healthcare real estate exposure. The company also regained full ownership of its La Défense tower, EQHO.
The sale of the Marignan building on the Champs-Élysées was completed in the period, CEO Nicolas Joly said on the company's half-year results call. The EUR 402 million price reflects the value of prime Paris office assets, Joly noted.
Separately, Icade signed an agreement to sell its Portuguese healthcare portfolio. The exposure for Icade is around EUR 75 million, Joly said. The disposal is part of a broader strategy to reduce the company's international healthcare footprint and focus on core French assets.
On EQHO, Joly said: