Icade agrees €99m sale-and-leaseback of Paris HQ

French REIT Icade has agreed to sell its headquarter building in Issy-les-Moulineaux, near Paris, to an unnamed French institutional investor for €98.8 mln, excluding duties.

Icade has agreed to continue to occupy the Open asset following the sale, which is expected to complete before the end of the year.

The building was last refurbished in 2016 and provides 9,200 m2 of flexible office space.

In addition Icade, the property arm of the French Caisse des dépôts Group, said that it has been awarded the construction of a European office complex of about 40,000 m2 in the Archipel-Wacken international business district in Strasbourg.

The scheme is scheduled for completion at the end of 2020.


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