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Icade raises FY'17 guidance, agrees to buy Paris asset for €55.5M

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Icade raises FY'17 guidance, agrees to buy Paris asset for €55.5M

Icade expects its net current cash flow to rise by around 8% year over year in 2017, compared to the roughly 7% increase forecast in July, on the back of debt restructuring and improved operating performance.

The company is targeting 2017 economic revenues of around €1.2 billion, with return on equity expected to hit 12% one year ahead of schedule. For 2018, the company anticipates economic revenues of €1.3 billion, with ROE projected at 15%.

Separately, the company agreed to buy building D in the Le Ponant complex, in Paris' 15th arrondissement, for €55.5 million, including commissions and fees, from Gecina. The deal is slated for completion by the end of 2017.

Gecina is selling the building from Eurosic's portfolio as part of its divestment plan.

At its investor day, Icade presented its strategic outlook, noting a pipeline of €250 million worth of development projects, including three projects to be completed in 2018.

Over the next couple of years, the company plans to explore the option of diversifying into the nursing home sector, while also looking at opportunities in international markets.