Icade Promotion, Banque des Territoires and Caisse d'Epargne IdF are launching "Evolution Habitat" for the conversion of offices into housing

A tense market environment that calls for innovative solutions

The Île-de-France region currently has over 6 million square meters of vacant office space. At the same time, housing production remains largely insufficient to meet sustained demand.

Faced with this dual challenge, the three partners decided to combine their expertise to acquire existing, vacant and obsolete office buildings, restructure them and then market them on the residential market. The objective: to accelerate their conversion.

A structured partnership to act quickly

Evolution Habitat has a three-year investment period, with a target acquisition rate of one to two projects per year starting at the end of 2026, representing a total of 50.000 to 60.000 square meters of renovated space. Initially, Evolution Habitat will focus on transforming vacant or expiring office buildings in the Île-de-France region, and may subsequently expand to other areas.

These future projects can cover a wide range of programs:

• Free access;
• Intermediate rental housing (LLI), social rental housing (LLS) and Solidarity Real Estate Lease (BRS);
• Managed residences, hotels and shops.

An exemplary approach from an environmental point of view

Beyond its primary vocation of urban recycling, contributing to "building the city of 2050" by carrying out rehabilitation operations, the vehicle carries high environmental ambitions.

The projects will aim for NF Habitat HQE certification, BBCA Renovation and Effinergie Renovation labels, as well as RE 2028/2031 carbon performance levels. The operations will promote the reuse of materials, the de-sealing of soils and the development of soft mobility.

According to Charles-Emmanuel Kuhne, Managing Director, Icade Promotion: “With the creation of this vehicle, we are putting into practice a conviction we have held for several years: the transformation of obsolete office buildings is one of the most effective and sustainable responses to the housing crisis in the Île-de-France region. By partnering with Banque des Territoires and Caisse d'Epargne Île-de-France, we are giving ourselves the means to act on a significant scale, with agility and responsiveness. It is the city of 2050 that we are building together: more sustainable, more mixed, more useful.”

According to Marie-Laure Gadrat, Regional Director for Île-de-France, Banque des Territoires: “With this unprecedented partnership, Banque des Territoires demonstrates its ability to mobilize innovative and sustainable solutions to address the housing crisis. By focusing on the transformation of uses, we are making a concrete contribution to the urban and environmental transition, while simultaneously strengthening the attractiveness of the Île-de-France region. Together, we are working to build a sustainable city adapted to the challenges of tomorrow.”

For Sabine Fleischel, Member of the Executive Board in charge of the Regional Development Bank (BDR), Caisse d'Epargne Ile-de-France: “Real estate is a major driver of regional transformation. Caisse d'Epargne Ile-de-France, true to its regional roots and cooperative DNA, works alongside all public and private stakeholders in the real estate value chain: from the initial stages of projects to end users, including all operators. By 2025, nearly €6 billion in loans had been mobilized for this purpose. This partnership with Icade Promotion and Banque des Territoires demonstrates our ability to take concrete action to address housing challenges in the Ile-de-France region.”