ICADE SANTE (EPA:ICSAA) ICADE’S HEALTHCARE PROPERTY PORTFOLIO CONTINUES TO GROW WITH €163M IN NEW INVESTMENTS IN ITALY AND FRANCE

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21/12/2020 07:30

PRESS RELEASE
December 21, 2020

ICADE'S HEALTHCARE PROPERTY PORTFOLIO CONTINUES TO GROW WITH EUR163M IN NEW
INVESTMENTS IN ITALY AND FRANCE

7 HEALTHCARE FACILITIES ACQUIRED IN NORTHERN ITALY FOR EUR130M INCL. DUTIES

On December 18, 2020, Icade signed agreements to acquire a portfolio of nursing
home properties located in Northern Italy from Lagune International(1), a fund
controlled and managed by Batipart, for a total of EUR130m including duties.
The facilities are fully let or pre-let on leases for an initial term of 18
years with no break option.

This property portfolio includes three existing nursing homes and four
properties acquired off-plan (slated for completion by the end of 2023) in the
Veneto, Piedmont and Lombardy regions. These seven facilities represent a total
of 1,056 beds and 49,200 sq.m.

They will be operated by the Gheron Group, a fast-growing healthcare provider
in Northern Italy (Lombardy, Liguria, Piedmont and Veneto) which currently
operates 20 facilities and about 2,530 beds. This transaction strengthens our
partnership with this leading player in the Italian market.

The acquisition will be carried out upon completion of the facilities, once the
accreditation and appropriate permits required for their operation have been
obtained.

This transaction further supports Icade's efforts to diversify its healthcare
real estate business internationally. It has brought the Healthcare Property
Investment Division's international investments to a total of EUR720m.

(1) Through its fund Lagune Pasithea managed by Blue SGR

4 NURSING HOMES ACQUIRED FROM KORIAN FOR EUR33.5M INCL. DUTIES

On December 18, 2020, Icade Santé acquired three nursing homes from Korian and
received the required approvals to close the acquisition of another nursing
home from the same company by the end of 2020. These four facilities are
located in Beaune (Côtes-d'Or), Thise (Doubs), Saint-Saturnin- du-Bois
(Charente-Maritime) and Saint-Georges-de-Didonne (Charente-Maritime). Totalling
close to 13,500 sq.m, they are able to accommodate roughly 320 residents. They
represent a total investment of nearly EUR33.5m including duties.

Korian has agreed to lease back these properties through the signing of a
12-year lease with no break option for the Thise nursing home and 9-year leases
with no break option for the other three facilities. As a result, these
investments will start generating rental income immediately.

These acquisitions have brought the total number of nursing homes acquired from
Korian to seven since 2019. They are consistent with the partnership agreement
concluded in 2017 by Korian (operator), Icade Promotion (developer) and Icade
Santé (investor) for the construction of 15 new facilities.

These acquisitions have helped Icade further diversify its healthcare portfolio
internationally and expand it in France. They advance Icade's strategy of
becoming a European leader in healthcare real estate.

ABOUT ICADE
Building for every future

As an investor and a developer, Icade is an integrated real estate player that
designs innovative real estate products and services adapted to new urban
lifestyles and habits. By placing corporate social responsibility and
innovation at the core of its strategy, Icade is closely involved with
stakeholders and users in the cities-local authorities and communities,
companies and employees, institutions and associations... As an office and
healthcare property investor (portfolio value of EUR11.5bn as of 12/31/19 on a
proportionate consolidation basis) and as a property developer (2019 economic
revenues of nearly EUR1bn), Icade has been able to reinvent the real estate
business and foster the emergence of tomorrow's greener, smarter and more
responsible cities.
Icade is a significant player in the Greater Paris area and major French
cities. Icade is listed on Euronext Paris as a French Listed Real Estate
Investment Company (société d'investissement immobilier cotée, SIIC). Its
leading shareholder is the Caisse des dépôts Group.

ABOUT ICADE SANTÉ

With a portfolio worth EUR5.0 billion (on a full consolidation basis) as of
June 30, 2020, Icade Santé is the leading investor in private healthcare
facilities in France. A 58.3% owned subsidiary of the Icade Group, Icade Santé
draws on its proven expertise, its long-term shareholders as well as its
extensive knowledge of the real estate value chain. Since 2017, Icade Santé
has pursued a strategy of diversification into the nursing home segment.

Icade and Icade Santé are rated BBB+ with a stable outlook by rating agency
S&P. The full ratings reports updated as of December 12 can be viewed on the
S&P website.

The text of this press release is available on the Icade website: www.icade.fr
and on the Icade Santé website: https://icade-sante.fr

CONTACTS

Charlotte Pajaud-Blanchard,
Press Relations Manager
+33 (0)1 41 57 71 19

charlotte.pajaud-blanchard@icade.fr

Anne-Sophie Lanaute,
Head of Financial Communication and Investor Relations
+33 (0)1 41 57 70 29

anne-sophie.lanaute@icade.fr

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ICADE SANTE (EPA:ICSAA) ICADE’S HEALTHCARE PROPERTY PORTFOLIO CONTINUES TO GROW WITH €163M IN NEW INVESTMENTS IN ITALY AND FRANCE

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