ICADE (EPA:ICAD) - PR ICADE-OFFICE PROPERTY INVESTMENT DIVISION - FURTHER ASSET ROTATION AND AROUND 30000 SQ.M OF OFFICE SPACE PRE-LET

Transparency directive : regulatory news

26/07/2021 07:30

PRESS RELEASE
Paris, July 26, 2021, 7:30 a.m.

ICADE - OFFICE PROPERTY INVESTMENT DIVISION FURTHER ASSET ROTATION AND AROUND
                      30,000 SQ.M OF OFFICE SPACE PRE-LET

Following on from the announcement of its half-year results, Icade?s Office
Property Investment business continues to show strong momentum. As such, the
Company is pleased to report:

- The sale of the Silky Way building in Lyon for EUR138m,
- The opportunistic acquisition of the Équinove complex in Le Plessis-Robinson
  for EUR183m,
- The pre-letting of 30,000 sq.m of space in two pipeline assets (Fresk and
  Edenn) to first-rate tenants, bringing new or renewed leases to over 110,000
  sq.m so far this year.

Sale of shares in SCI Silky Way, owner of the building of the same name in the
Greater Lyon area, for EUR138m

On July 22, Icade signed an agreement to sell, subject to conditions precedent,
all of its shares in SCI Silky Way, the owner of the building of the same name
located at the heart of the Carré de Soie district in Villeurbanne (Rhône) to
NOTAPIERRE, an SCPI fund managed by UNOFI-GESTION D'ACTIFS.

Completed in 2015, the building has a floor area of roughly 36,500 sq.m. and is
fully let to Alstom Transport. The transaction is expected to be closed in
October, once customary conditions precedent have been satisfied.

Following the sale of the Millénaire 1 (Paris, 19th district) and Le Loire
(Villejuif) buildings for EUR324m in April, this transaction brings the total
amount of core asset disposals since the start of 2021 to EUR462m. These sales
were completed at a +9.8% average premium to NAV as of 12/31/2020, in line with
values as of 12/31/2019.

Consistent with its strategic priorities, Icade will use the proceeds from
these disposals to fund the Office
Property Investment Division's development pipeline, Icade Santé's expansion
and the Group's deleveraging.

Acquisition of the Équinove complex in Le Plessis-Robinson (Hauts-de-Seine)
for EUR183m

On July 23, 2021, the Office Property Investment Division signed a preliminary
agreement to acquire the Équinove complex for EUR183m.

The transaction involves the Office Property Investment Division's acquisition
of two assets covering a total floor area of 64,710 sq.m. These assets are
fully leased to Renault with a remaining lease term of over four years and a
net initial yield of nearly 8%.

This acquisition will open up significant redevelopment opportunities in the
medium term, particularly for housing, in synergy with Icade Promotion.

This transaction, together with the value-add acquisition of the Le Prairial
building in Nanterre closed in June 2021 for EUR60m, brings the total amount of
opportunistic value-add investments since the beginning of the year to
EUR243m.

Around 14,000 sq.m of space pre-let in the FRESK building in the 15th district
of Paris / Issy- les-Moulineaux (Hauts-de-Seine)

On July 21, the Office Property Investment Division signed a lease for nearly
14,000 sq.m of space in the FRESK building (currently being developed) with
PariSanté Campus for a term of 8 years with no break option;

Through this signing on market terms, the asset is currently 67% pre-let and
scheduled for completion in September 2021.

This project involves a top-to-bottom overhaul of the 20,500-sq.m building,
acquired by Icade in 2016. The SCAU architecture firm, which originally
designed this complex, will carry out the project.

Clearly visible from the Paris ring road, the FRESK building was designed to
respond to the changes in the way people work. It includes modular and
convertible floor space-a platform of innovative services, places to work and
interact, with an iconic atrium providing vast open spaces plus an exceptional
view of Paris from the upper floors and rooftop.

Scheduled for completion in Q3 2021, FRESK aims to obtain the following
environmental labels and certifications: HQE Renovation with a Very Efficient
rating, BREEAM with a Very Good rating and WiredScore.

Around 16,000 sq.m of space pre-let in the EDENN building in
Nanterre-Préfecture (Hauts- de-Seine)

On July 23, 2021, the Office Property Investment Division signed a pre-let
agreement for 16,000 sq.m in EDENN, a redevelopment project located at the base
of the Nanterre-Préfecture and future Nanterre-La Folie train stations (RER A,
RER E, Line 15 of the Grand Paris Express).

This pre-let deal has been signed with Schneider Electric France for a term of
9 years with no break option and will take effect in Q2 2025. Through this
signing on market terms, the asset is currently 58% pre-let.

Around 30,090 sq.m of the EDENN building has been redeveloped by the
architectural firm Brenac & Gonzalez.

This 8-storey building, with a hybrid wood, concrete and metal structure, has
obtained the top environmental labels and certifications (HQE with an Excellent
rating, BREEAM with an Excellent rating, E+C-, Platinum-level LEED, BBCA,
OsmoZ, R2S).

EDENN is scheduled for completion in Q2 2025.

These two major lease transactions attest to the appeal of the office buildings
in Icade's portfolio, whose location and technical and environmental features
meet the office needs of large companies, and Icade's expertise in pre-letting
large office projects.

ABOUT ICADE DESIRABLE PLACES TO LIVE
As an office and healthcare property investment company (portfolio worth
EUR14.8bn on a full consolidation basis as of 06/30/2021) 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.
The text of this press release is available on the Icade website:
www.icade.fr/en/

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 (EPA:ICAD) - PR ICADE-OFFICE PROPERTY INVESTMENT DIVISION - FURTHER ASSET ROTATION AND AROUND 30000 SQ.M OF OFFICE SPACE PRE-LET

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