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Report: Icade in running for Rabobank's French development business

Rabobank hired Rothschild & Co. to market its property development business in France, BPD Marignan Immobilier SAS, Property Investor Europe reported June 12, citing local media.

The Dutch bank is expected to come up with the short list of buyers during the summer, with real estate investment trusts Altarea Cogedim and Icade floated as parties that have submitted expressions of interest for the business. Other potential buyers are transport group Norbert Dentressangle, residential-focused developer Les Nouveaux Constructeurs and real estate developer/builder Promogim.

The sale could yield "several hundred million euros" for Rabobank, Property Investor Europe reported.

In 2017 BPD Marignan recorded turnover of €821 million and a net profit of €20 million.