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Traded as EuronextICAD
Industry Real-estate investment company
Founded 1954 (SCIC)
Headquarters Paris, France
Key people
Serge Grzybowski, Chairman and CEO [1]
Revenue € 127 millions (on December 31, 2013)
Total assets € 9,063 millions (on 31st dec. 2013)
Website Icade (EN)

Icade is a multinational investment (REIT) company. 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. Icade gained SIIC (REIT outside France) eligibility in 2007 after combining many of its subsidiaries.

Icade and Silic merged on 31 December 2013. Icade became the leading commercial real-estate company for offices and business parks in the Ile-de-France region.

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

With assets valued at €9 billion, Icade is the number one real-estate investment company in office space and business parks in the greater Paris region, the number one real-estate investment company in healthcare in France, and a key partner of major French cities.



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.[2]

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.[3] 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.

Icade and Silic merged on 31 December 2013. Icade became the leading commercial real-estate company for offices and business parks in the Ile-de-France region. With assets valued at €9 billion, Icade is the number one real-estate investment company in office space and business parks in the greater Paris region, the number one real-estate investment company in healthcare in France, and a key partner of major French cities.

Key figures[edit]

31/12/2012 31/12/2013
Net profit group share (million €) 53 127
EPRA triple net NAV per share (€) 80.7 77.3
Net worth (billion €) 6.8 9.1
Employees 1,721 1,479
Square metres owned by Icade 2,436,759 3,085,000
Clinics owned by Icade 55 59


Property investment[edit]

Icade's assets include offices, shopping centres, business parks, healthcare facilities.

  • Offices: In France, Icade handles office properties most of which are located in and around Paris.[1]
  • Business parks: Icade's business parks are located in Paris, Saint-Denis, Aubervilliers, Rungis, Nanterre-Seine, Colombes...
  • Icade owns two shopping centres: Le Millénaire in Aubervilliers (north-eastern Paris suburbs), opened in April 2011 (50%-owned by Klépierre) and "Le Parc de Fresnes".

The alternative assets portfolio (Icade Santé) : Icade owns 62 establishments as at 30/06/2014.

The non-strategic assets portfolio : Icade still owns a collection of shops mainly comprising a network of "Mr Bricolage" DIY Stores. The others non-strategic assets portfolio are warehouses, housing and assets in Germany (as at 30/06/2014).

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 1,092 million euros in 2013.

  • Housing: in late 2013, Icade listed 3,605 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.).

Property services[edit]

Icade's property services include property management, consulting and property engineering.


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.


External links[edit]

Media related to Icade at Wikimedia Commons