Agreement between Icade and Primonial for the sale of Icade Santé

"Icade, the minority shareholders of Icade Santé and Primonial REIM announce the signing of an exclusivity agreement relating to the liquidity of Icade's stake in Icade Santé and to the organization of the disposal of the portfolio of assets of 'Icade Healthcare Europe', announces the group in a press release.

Icade, whose health subsidiary owns nearly 150 hospitals, clinics or nursing homes across Europe, wanted to raise funds to finance the growth of its other activities, real estate development and tertiary property.

It had tried, in 2022, to list its health subsidiary on the stock market, before abandoning the operation.

The company will receive approximately 1,2 billion euros in capital gains, of which 70%, or 710 million euros, will have to be redistributed to its shareholders as exceptional dividends.

The agreement with Primonial REIM, real estate branch of Primonial, provides for the sale of 1,1 billion euros of shares to Primonial REIM, 100 million to Société Générale Assurance, and 200 million of capital reduction, financed by the loan .

“The completion of this step could take place as early as June 2023” and “at the latest at the end of July 2023”, at the end of which the health property will cease to be controlled by Icade, specifies the group.

The rest of the shares held by Icade will be sold gradually by the end of 2025.

Primonial, which announced at the end of February that it had entered into exclusive negotiations with Banque Postale to sell it La Financière de l'Echiquier, wants to strengthen its position in healthcare real estate.

Since October, the group has made several announcements of acquisitions of health establishments, the latest, on February 9, relating to eight clinics and nursing homes purchased from a subsidiary of BNP Paribas.