Icade: Real Estate Heritage continues to grow in Italy and France with 100M of new investments
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PRESS RELEASE
Paris, October 11, 2021, 7:30 a.m.
ICADE’S HEALTH REAL ESTATE PORTFOLIO EVEN MORE IN ITALY AND
FRANCE WITH ⬠100 MILLION IN NEW INVESTMENTS
In Italy: Acquisition of four nursing homes and a psychiatric establishment for ⬠36 million
Icade’s Healthcare Property Investment Division1 signed on October 6, 2021 the acquisition of a real estate portfolio of four nursing homes2 (Residenze Sanitarie Assistenziali, RSA) and a psychiatric establishment, for a total amount of ⬠36 million including rights.
This portfolio acquisition is part of a sale and lease back transaction with the operator La Villa3. The five establishments, located in the regions of Aosta Valley, Tuscany, Emilia-Romagna, Piedmont and Lombardy, have a total of 493 beds and will be operated by La Villa Group with 30-year leases without break option.
Domus Pacis (RSA) – Aosta Valley, Italy |
Giotto (RSA) – Tuscany, Italy |
San Giuseppe (RSA) – Emilia-Romagna, Italy |
Le Terrazze (RSA) – Piedmont, Italy |
- Via Icade Healthcare Europe, a vehicle 59% owned by Icade SA dedicated to international healthcare real estate investments / Acquisition via its Italian fund.
- Giotto and Domus Pacis under preliminary agreements should be acquired by the end of October after having obtained all the required administrative authorizations.
- Acquisition from three separate sellers including Edos Srl, a subsidiary of Eukedos SPA which is a listed Italian company controlled by La Villa Group.
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All assets acquired will generate immediate cash flow.
This operation is the first with La Villa Group, the Italian subsidiary of the French group Maisons de Famille. Specializing in care for the elderly but also in psychiatry, the La Villa Group is a leading operator in this segment in Italy, where it currently operates 43 establishments (around 3,400 beds).
This operation brings to 21 the number of establishments in operation owned by Icade Santé in Italy, with a portfolio value of around ⬠150 million.
In France: Preliminary agreement for the acquisition of five healthcare buildings for ⬠64 million
On October 8, 2021, Icade Santé signed a preliminary agreement with a French investor for the acquisition of a portfolio of five assets operated by Korian and located in France for an amount of ⬠64.1 million including transfer taxes.
The portfolio consists of four nursing homes in Paris (14e arrondissement), Noisy-le-Grand (Seine-Saint-Denis), Grainville-sur-Odon (Calvados) and Vaivre-et-Montoille (Haute-Saône), in addition to a psychiatric establishment in Barbazan-Debat (Hautes- Pyrenees). Totaling nearly 17,000 m², the properties have a capacity of 396 beds and places.
Korian operates these facilities. The acquisition will be finalized at the end of 2021 once the usual conditions precedent have been met. These five assets will start generating rental income immediately.
Reine Mathilde retirement home, Grainville-sur-Odon |
Le Lac retirement home, Vaivre-et-Montoille |
(Calvados) |
(Haute-Saône) |
Retirement home Villa Victoria, Noisy-le-Grand |
Retirement home at Jardins d’Alésia, avenue du Maine, |
(Seine-Saint-Denis) |
Paris (14e district) |
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Piétat psychiatric establishment, Barbazan-Debat
(Hautes-Pyrénées)
The acquisition of this portfolio will increase the number of assets held4 by Icade Santé and operated by Korian at 28 and strengthen the long-term partnership with this operator.
As of September 30, 2021, the portfolio of the healthcare property division stood at 188 buildings, including 145 in France and 43 located abroad.5.
To date, the cumulative investments of the real estate health center for 2021 amount to nearly ⬠400 million.6.
ABOUT ICADE
DESIRABLE PLACES OF LIFE
As an office and healthcare real estate company (portfolio of ⬠14.8 billion fully consolidated as of 06/30/2021) and a developer of housing, offices and public facilities (2020 economic turnover of ⬠825 million), Icade designs, builds , manages and invests in innovative, diverse, inclusive and connected cities, neighborhoods and buildings, with a reduced carbon footprint. Desirable places to live and work. In collaboration with its stakeholders, Icade has made low carbon a strategic priority to reinvent real estate and create cities that are healthier, happier and more welcoming. Icade is a key player in Greater Paris and major French metropolises. It is listed in âSIICâ on Euronext Paris and its reference shareholder is the Caisse des Dépôts group.
ABOUT ICADE SANTÃ
PLACES THAT CARE FOR PEOPLE
Icade Santé * is a European leader in healthcare real estate dedicated to helping providers of healthcare and services to seniors carry out their sale-leaseback and real estate development strategies. The Group’s teams have extensive expertise in real estate investment, management of complex projects and in-depth knowledge of the challenges facing the healthcare sector. As of June 30, 2021, Icade’s healthcare real estate company owns 183 buildings (France and internationally), representing a portfolio of 6.0 billion euros (6.4 billion euros including duties) and a total rental area of approximately 2.04 million m².
Icade and Icade Santé are rated BBB + with a stable outlook by the rating agency S&P.
The text of this press release is available on Icade’s website: www.icade.frand on the Icade Santé website: https://icade-sante.eu.
Charlotte Pajaud-Blanchard,Press Relations Manager +33 (0) 1 41 57 71 19 [email protected]
CONTACTS
Anne-Sophie Lanaute
Head of Financial Communication and Investor Relations +33 (0) 1 41 57 70 29 [email protected]
- Including 3 assets under development (included in the pipeline), as part of the partnership agreement signed with Korian in 2017
- 198 properties to date (including 150 in France and 48 abroad) including the acquisitions mentioned in this press release
- including ⬠121 million under the pre-agreement
- Merger of the IHE and Icade Santé legal entities
3
Disclaimer
Icade SA published this content on October 11, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on October 11, 2021 05:41:10 AM UTC.
© Publicnow 2021
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Trends in technical analysis ICADE
Short term | Mid Road | Long term | |
Tendencies | Bearish | Neutral | Bullish |
Evolution of the income statement
To sell To buy |
|
Average consensus | SURPASS |
Number of analysts | 9 |
Last closing price |
⬠68.00 |
Average price target |
⬠75.92 |
Spread / Average target | 11.6% |
Jan 1 | Capi. (M $) | ||
ICADE | 8.11% | 5 956 |
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