ICADE SANTE (EPA:ICSAA) ICADE SANTÉ ACQUIRES ANOTHER FOUR FACILITIES IN FRANCE

Transparency directive : regulatory news

23/06/2021 18:00

PRESS RELEASE
Paris, June 23, 2021, 6:00 p.m.

            ICADE SANTÉ ACQUIRES ANOTHER FOUR FACILITIES IN FRANCE

On June 16 and June 21, 2021, Icade Santé acquired four healthcare facilities:
1 PAC(1) facility and 2 nursing homes from Korian through sale and leaseback
transactions and 1 PAC facility from several private investors. Located in Le
Chambon-sur-Lignon (Haute-Loire), Champcueil (Essonne), Rouffiac-Tolosan
(Haute-Garonne) and Choisy-le-Roi (Val-de-Marne), the four facilities cover
around 15,000 sq.m with a capacity of nearly 340 beds and places. They
represent a total investment of close to EUR47m including duties.

Korian(2) has agreed to lease back these properties through the signing of a
10-year lease with no break option for the PAC facility and 9-year leases with
no break option for the two nursing homes. The renewal date of the lease
entered into with the operator Ramsay for the PAC facility in Choisy-le-Roi is
scheduled for December 31, 2022. These four assets will start generating rental
income immediately.

These four acquisitions bring to 22 the number of assets(3) acquired since 2017
from Korian or developed under the partnership agreement signed in 2017 by
Korian (operator), Icade Promotion (developer) and Icade Santé (investor).
These investments also illustrate Icade Santé's strategy of growing through a
long-term partnership approach with leading healthcare tenant operators.

Following these acquisitions, the portfolio of the Healthcare Property
Investment Division (in France and abroad) is composed of 183 properties,
including 40 assets located outside France. As of December 31, 2020, its
portfolio was worth EUR5.7bn excluding duties and EUR6.0bn including duties.

The main financial indicators for the Healthcare Property Investment Division
(all assets located in France and abroad combined) include:
* As of December 31, 2020, EPRA NAV stood at EUR3,977m (EUR3,755m as of
  December 31, 2019) and EPRA NDV amounted to EUR3,524m (EUR3,376m as of
  December 31, 2019).
* The 2020 EPRA cost ratio came in at 8%.
* As of December 31, 2020, the LTV ratio stood at 33.5% including duties (31.6%
  as of December 31, 2019) and at 35.6% excluding duties (33.6% as of December
  31, 2019).

The percentage of Icade's ownership interest in Icade Santé currently stands
at 58.3%, stable compared to December 31, 2020.

As announced on June 7, 2021, Icade will set out the terms of Icade Santé's
upcoming IPO during the half-year results presentation. This IPO is expected to
be completed by the end of 2021, subject to market conditions.

(1) PAC: Post-acute care
(2) As Korian will keep operating the three facilities, Icade's acquisition of
the healthcare properties has no impact on the operator's business
(3) Including 2 facilities under development (Blagnac and Le
Perreux-sur-Marne)

ABOUT ICADE

DESIRABLE PLACES TO LIVE

As an office and healthcare property investment company (portfolio worth
EUR14.7bn on a full consolidation basis as of 12/31/2020) and a developer of
homes, offices and public amenities (2020 economic revenue of EUR825m), Icade
designs, builds, manages and invests in cities, neighbourhoods and buildings
that are innovative, diverse, inclusive and connected, with a reduced carbon
footprint. Desirable places to live and work. In collaboration with its
stakeholders, Icade has made low carbon a strategic priority in order to
reinvent real estate and create cities that are healthier, happier and more
hospitable. Icade is a key player in Greater Paris and major French cities. It
is listed as a "SIIC" on Euronext Paris and its leading shareholder is the
Caisse des Dépôts group.

ABOUT ICADE SANTÉ

With a portfolio worth EUR5.2 billion as of December 31, 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 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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