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Icade units agree €189M health portfolio acquisition, €95M office sale

Icade unit Icade Santé is acquiring a portfolio of 14 health facilities in France for €189 million and the Icade Promotion unit agreed to sell an office asset for €95 million.

Icade Santé's acquisition is its first investment in the nursing home sector. The facilities are being acquired from the Residalya network, which is a subsidiary of Ackermans & van Haaren Group. The portfolio acquisition is expected to complete in July.

Residalya will stay on as a tenant and operator of the facilities under new 12-year leases with no break options. The portfolio comprises roughly 1,300 inpatient and outpatient beds and is located across Nouvelle-Aquitaine, Hauts-de-France, Auvergne-Rhône-Alpes and Provence-Alpes-Côte d'Azur.

Icade Promotion is selling an 18,000-square-meter office project in Villejuif to SCPI Elysées Pierre. The development was fully prelet in February 2017 and is slated for completion in the fourth quarter of 2019.