ICADE: management transactions · France · AMF

About ICADE

ICADE is a French listed real estate group traded on Euronext Paris under ISIN FR0000035081. Its business model combines two complementary activities: commercial property investment and property development. Icade positions itself as a full-service, responsible real estate company focused on building the sustainable city of tomorrow. In 2025, the group reported a property investment portfolio value of €6.1bn, property development economic revenue of €1,128m and NCCF of €271.5m, highlighting the scale of both divisions in the group’s earnings base. The company’s roots date back to 1954, when SCIC, the original entity behind Icade, was created by the Caisse des Dépôts to address post-war France’s urgent need for housing and healthcare infrastructure. Over time, the group expanded from mass housing into a broader real estate platform, pioneering off-plan sales, building retirement homes and student residences, and then moving into offices, business parks and healthcare facilities. Icade later evolved into the brand it uses today and became a major French real estate investment and development company, with the Caisse des Dépôts Group as its reference shareholder. Its first business line, office property investment, is centered on strategically located office assets, mainly in the Paris region and other major French cities. Icade emphasizes the quality of this portfolio, with assets designed to meet modern tenant expectations in terms of centrality, flexibility, amenities and environmental performance. The company has also been actively managing its portfolio through selective disposals and capital reallocation toward what it views as higher-value strategic assets. The second pillar, property development, covers residential and service-sector projects across France. Icade develops collective housing, student residences, senior residences and intergenerational housing, as well as offices, hotels, public facilities and healthcare buildings. The development arm operates through 21 regional locations, giving the group a strong local footprint and enabling it to work closely with public authorities, operators and end users. Icade has also invested in digital tools, low-carbon construction methods and urban regeneration concepts to support demand for greener, more flexible living and working environments. Geographically, Icade remains overwhelmingly France-focused, with a particularly strong presence in Greater Paris and in regional metropolitan markets. Its 2024–2028 strategic plan, ReShapE, prioritizes adapting the office portfolio, continuing selective growth in development, reducing carbon intensity and reinforcing a more mixed, resilient urban model. Overall, Icade is one of France’s most established listed real estate players, combining long-term asset ownership, active development capabilities and a pronounced sustainability agenda.