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Icade Q1 revenue climbs 4.7% YOY

reported a consolidatedfirst-quarter revenue of €321.5 million, up 4.7% from €307 million in theyear-ago period.

Thecompany said its revenue was primarily boosted by its health care property investments,which generated a rental income of €51.2 million during the period, up 29.5%from €39.5 million in the previous first quarter.

Propertydevelopment revenue was at €192.6 million, up 6.6% from €180.6 million theyear-ago period. The company's residential land and building portfolioincreased 6% since December 2015.

Totalrental income for the first quarter amounted to €93.8 million, down 3.1% from€96.8 million in the first quarter of 2015.

Icadesigned new leases totaling 43,126 square meters during the period, and renewed22 leases across 45,602 square meters. Occupancy rate across the portfolio wasstable at 86.8% compared to Dec. 31, 2015.

Lookingforward, the company expects an improvement in occupancy rate towards the endof the year. Icade confirmed its target growth in net current cash flow ofaround 3% for 2016.

Adividend of €3.73 per share will be submitted for approval at the generalmeeting scheduled for May 23.

Icade'spending merger that is meant to simplify its shareholding structure will alsobe proposed toshareholders at the general meeting. The merger is subject to approval from theFrench Commission of Holdings and Transfers.

Thecompany also said it entered into exclusive talks with an unnamed party to sellits Icade Property Management business by the end of July. The disposal of itsother service activities businesses is also in progress.

Further,the company said Hervé Manet will step down from his role as member of theexecutive committee in charge of the property development business at the endof June.