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This article is about the investment company. For the iPad accessory, see iCade. For the Spanish schools, see ICADE.
Icade SA
Type public
Traded as EuronextICAD
Industry Commercial Real Estate
Residential Real Estate
Founded 1954 (SCIC)
Headquarters Paris, France
Key people Serge Grzybowski, Chairman and CEO [1]
Revenue €1,499.0 millions (on 31st dec. 2012) [1] (turnover)
Total assets €6,850 millions (on 31st dec. 2012)
Total equity €2,738.3 millions (on 31st dec. 2011) (Total equity Group Share)
Employees 1721(on 31st dec. 2012) [1]
Divisions Housing Property Inv
Commercial Property Inv (EMGP in France)
Services & Development[2]
Website Icade (EN)

Icade SA is a multinational investment (REIT) company that is also a leader in property development services. It invests in various types of properties including both public (health care) and private (residential, company properties). As a service provider it consults property developers and assists them with management. Even though a lot of its business is in France (most of its >200,000 m2 of office space is in Paris, shopping malls (including developments and business parks) and healthcare properties in more rural areas) it also had a significant and growing presence in other European countries like Germany, Italy, Spain and Belgium.

Icade gained SIIC (REIT outside of France) eligibility in 2007 after combining many of its subsidiaries. In 2007 it began a 32 year contract with CHU de Nancy hospital in France.

Today, Icade handles property investment, development and services in many different domains: offices, business parks, shopping centres, warehouses, housing, healthcare facilities and public amenities.



SCIC was a leading housing estate construction project owner in France, and was particularly active in the Paris region. During the 1950s and 1960s, it worked with architects like Jean Dubuisson, Marcel Lods, Jacques Henri Labourdette, Bernard Zehrfuss, Raymond Lopez and Charles-Gustave Stoskopf, to build housing at Sarcelles (France's first large-scale programme, with over 10,000 housing units), Créteil and Massy-Antony. By the late 1980s, SCIC owned over 200,000 units of rental accommodation, most of which was state-subsidised social housing. SCIC was also active in the healthcare sector, providing ground-breaking project owner assistance services to support the construction of key hospitals across France (Évry, Caen, Strasbourg, etc.). SCIC (later Icade) extended its expertise to all sorts of public and subsequently private amenities, like Rungis market and the Méridien hotel at Porte Maillot. As of the 1990s, SCIC introduced a property investment service and extended the scope of its activities to office property5. In the 2000s, SCIC began to focus specifically on competitive bids, leaving other Caisse des Dépôts subsidiaries to specialise in public interest projects.

Creation of Icade[edit]

Icade was created in 1954 as Société Centrale Immobilière de la Caisse des dépôts by Caisse des dépôts as a subsidiary. It was not until the 1980s that it started investing in non residential/public properties.

SCIC was renamed Icade SA in 2003, and its capital opened up to shareholders outside the Caisse des dépôts et consignations.

Expansion into Germany happened in 2004 where it purchased office buildings, the same year the company began focussing on buying out private subsidiaries (companies that were not publicly traded).

Icade SA's revenues and income started growing significantly, facilitated both by favourable economic conditions and the group's unique business model, which combined activities that are normally managed by separate companies: property development, investment and services. This concept, developed by CEO Étienne Bertier and his management team, promoted strong team buy-in to the company strategy. The subsidiary, Icade Patrimoine, is an asset inherited from SCIC, although all social housing assets were sold to another Caisse des Dépôts subsidiary, the Société nationale immobilière (SNI4) in 2006.

In 2005, Icade delivered its first commercial building produced using HQE environment-friendly quality processes. Icade was successfully floated on the Paris Euronext stock exchange on 12 April 2006, under Étienne Bertier (CEO of Icade from October 2003 to August 2007). It had an ipo of about €2.64 billion.[3]

This operation formed part of a policy to separate the Caisse des Dépôts's public interest projects from its competitive business, a move driven by the Caisse des Dépôts CEO, Francis Mayer. Its highly visible results and unique organisation ensured that, by 2007, Icade was listed highly on the SBF 120 Paris stock market index.

Since 2007[edit]

In spring 2007, Icade granted Société Générale a mandate and acquired the status of a listed real estate investment trust (REIT). The company then combined almost all of its investment assets, notably with a view to simplifying its structure and making its business model more effective. At the same time, Icade streamlined its activities into three business lines: property investment, property development and property services.

Since 2007, Icade has gradually been selling its housing assets and property services (asset administration and property management) to focus on commercial property (offices, shopping centres, clinics, etc.).

In 2008–2009, Icade still owned some 35,000 housing units, of which almost 2,000 were still state-subsidised, 15,000 had once been subsidised and almost 20,000 had never been subsidised4. The French finance market authority (AMF) valued these properties at 1.426 billion euros in 2006. On 12 December 2008, Icade announced its intention to sell all its residential property assets, including its social housing: in all, over 30,000 housing units. A group comprising some twenty social housing trusts and led by the Société Nationale Immobilière (SNI), a subsidiary of Caisse des Dépôts, applied to buy these housing units. The sale of these social housing units10, criticised by some because it required social housing organisations to pay "again" for buildings that had already been built using "public money", enabled Icade to pay its shareholders an exceptional dividend of 206 million euros in 2011, a total of 4 euros per share11.

Even though the company has expressed interest in getting out of the residential real estate business, that business segment is still an important source of cash flow for the company (34.3% of its portfolio 85.1% of operating income 69.4% of net rent in 2009). Regarding healthcare properties Icade owned 23 clinics in 2009. The company's largest shareholder is French state owned company Caisse des Dépôts which controls it with a 64% interest. It is one of 2 Caisse des Depots subsidiaries that operate in the real estate business (the other is SNI). Its largest international presence is in Germany (19 subsidiaries compared to 6 in Italy, Spain, Belgium, Benelux combined.)

Subsidiaries in 2009 included Icade Commerces (housing), investment companies HC Investissement, SCI Zeugma, SCI Xm Clermont-Ferrand, SCI Marignane La Palun, engineering consultants Icade Arcoba and Icade Sethri Setae as well as many other small companies in charge of rental properties and business parks (most major properties are run by different subsidiary groups).

In 2009, the French government considered Icade as a potential "asset in the strategic investment fund that will be key to reviving France's economy". However, this did not ultimately come to pass. In late 2009, Icade acquired Compagnie la Lucette from Morgan Stanley.[1] This company's assets were commercial, primarily consisting of office property14. As a result, Icade became France's second largest commercial property investor, with an office portfolio valued at 5.8 billion euros. Morgan Stanley became Icade's second largest shareholder, after Caisse des Dépôts et Consignations, with a 4.5% interest.

On November 13, 2009 Icade sold about 4745 housing units to a group of 25 social housing investors representing another company SNI. That move brought the number of residential units sold or committed for sale in late 2009 to early 2010 up to 29,452. The value of assets divested adds up to about €2 billion.[1] The reason given for the sales by CEO Serge Grzybowski is that the residential arm of the company had limited profitability.

In January 2010 it became the second largest owner of office space among French real estate investment companies (SIIC) after acquiring 94.5% of Lucette from Morgan Stanley for 4.5% of Icade. The move added €1.5 billion worth of assets to the company replacing a lot of the value lost in the earlier residential sales.

In the summer of 2010 Icade reached an agreement with another company called MVRDV to develop part of France's first Eco-quarters, a residential complex made up of low energy buildings a first for France.[4]

In December 2011, Icade announced plans to develop closer ties with Silic, a leading French owner of rental property on business parks. The operation was authorised by France's competition watchdog on 13 February 2012, enabling Caisse des Dépôts to acquire a majority stake in Silic through a listed real estate investment trust called HoldCo 16. This holding company, owned by Caisse des Dépôts (75.07% of the capital and voting rights) and Groupama (24.93%), has a 43.95% interest in Silic's capital and corresponding voting rights. The securities exchange takeover bid submitted by Icade in March 2012 was approved by France's finance market authority (AMF) in April 201217. However, SMA Vie BTP and ADAM, an association that defends the interests of minority shareholders, appealed against this bid in May 2012. The Paris appeal court is expected to deliver its verdict by mid-2013. This business combination would create an asset portfolio worth 9 billion euros, approximately 80% of which would be commercial and office property. Together, Silic's business parks and Icade's Portes de Paris properties will leverage the potential of two million square metres.

Icade has held 93.28% of the share capital and voting rights of Silic since August 2013.

Key figures[edit]

12/31/2011 12/31/2012
Revenues (million €) 1,492 1,499
Group share of net income (million €) 93 53
Adjusted net asset value per share at liquidation (€) 83.7 80.7
Net worth (billion €) 6.7 6.8
Employees 1,860 1,721
Square metres owned by Icade 2,309,917 2,436,759
Clinics owned by Icade 47 55


Property investment[edit]

Icade's assets include offices, shopping centres, business parks, public amenities, healthcare facilities and housing. Property investment generated revenues of 399.7 million euros in 2012.

  • Offices: In France, Icade handles office properties with a combined surface area of 400,000 m2, most of which are located in and around Paris. 21% of these offices were HQE® certified on 31/12/2012.[1] In Germany, Icade owns 60 hectares of investment assets and 120,000 m² of office space (six buildings), mainly in Munich, Hamburg and Berlin (31/12/2012).
  • Business parks: Icade's business parks are located in the northern Paris suburbs and extend over approximately 80 hectares. They include offices, warehouses and audiovisual production studios, and accommodate 300 companies and 16,000 employees.
  • Icade owns two shopping centres: Le Millénaire in Aubervilliers (north-eastern Paris suburbs), opened in April 2011 (50%-owned by Klépierre) and Odysseum in Montpellier, opened in 2009 (50%-owned by Klépierre). Icade also owns various stores, notably Mr Bricolage.
  • Icade's public amenities and healthcare facilities include an office complex in Levallois-Perret (north-western Paris suburbs), which is occupied by the French Ministry for internal affairs, and 55 clinics and healthcare establishments (31/12/2012).
  • Warehouses: Icade owns 400,000m² of warehouse assets, most of which are rented to the Casino group (31/12/2012).[1]
  • Icade's housing portfolio was valued at close to 312 million euros in 2011. Most housing assets were sold in 2009 and 2010 and, as at 31/12/2012, Icade owns 4,246 housing units, 30,300m² of retail surface area and homes for senior citizens, and 152 hectares of investment assets.
  • In early 2012, Icade announced that it would be launching investment projects worth 57 million euros during the first half-year.

Property development[edit]

Icade's property development activity extends across various sectors: housing, offices, shopping centres, public amenities and healthcare facilities. Property development generated revenues of 1,071 million euros in 2012.[1]

  • Housing: in late 2012, Icade listed 4,295 housing unit and plot reservations.
  • Icade markets head office and shopping centre properties, and builds public amenities (schools, police stations, etc.) and healthcare facilities (hospitals, clinics, etc.).
  • In Toulouse, Icade has finalised Cap Constellation, the first HQE®-certified office building to have also obtained a very high energy performance label (THPE).

Property services[edit]

Icade's property services include property management (managing office and residential buildings, accounting, legal services and tracking changes in the regulatory framework, etc.), consulting (on property strategy, energy performance, etc.), and property engineering (Solutions division). Property services generated revenues of 96 million euros in 2012. In 2011 and 2012, Icade sold its student accommodation management business and assets in Spain, and its serviced residence management business and assets in France.

International presence[edit]

  • Germany – Icade Reit – Mostly commercial/office business properties in Hamburg, Munich, Frankfurt, Berlin and Düsseldorf with tenants that include Deutsche Telekom. In 2006 it purchased assets from Daimler Chrysler. Icade began an exit strategy since 2011.
  • Spain – Inmobiliaria de la Caisse des dépôts España – Many university locations – 21 residences in 2006. Icade activities in Spain were sold in 2012.
  • Italy – Icade Italia, Newreal – Icade Italia was sold in 2010.
  • Belgium, Benelux – Offers services to the European Parliament (2006). Icade Belgium was sold in 2010.


Icade's head office is located in Paris. The company also has regional offices in Toulouse, Lyon, Marseille, Nantes, Lille and Strasbourg, as well as local representation in other cities. Overall, Icade is present in 24 cities.


External links[edit]

  • Official website of ICADE