Icade divests Marignan building and maintains 2026 targets
The real estate group has finalized the sale of the Marignan building on the Champs-Élysées for 402 million euros, a move aimed at strengthening its leverage ratios. Meanwhile, first-quarter activity saw a decline across both its office property and residential development divisions, amid persistent market headwinds.
Icade has announced the completion of the disposal of the Marignan building in Paris for 402 million euros. The group emphasized that the sale, resulting from a process initiated in the summer of 2025, is expected to improve its Loan-to-Value ratio by approximately 3 percentage points and bolster its liquidity to nearly 2.8 billion euros post-transaction.
As of March 31, 2026, consolidated IFRS revenues stood at 278.2 million euros, down 14.7% year-on-year. Gross rental income from the property investment division fell by 3.3% to 90.8 million euros, with the financial occupancy rate retreating to 85%. Simultaneously, property development revenue dropped by 19.3% to 184.4 million euros, despite a 4.3% increase in the volume of reservations by unit count.
Against this backdrop, Icade has reaffirmed its 2026 guidance for Group Net Current Cash Flow, expected to range between 2.90 and 3.10 euros per share, while noting that evolving geopolitical conditions could weigh on its markets. The group also announced that Frédéric Thomas will step down as Chairman of the Board following the Annual General Meeting on June 10, 2026.
Frédéric Thomas is a French businessperson who has been at the head of 8 different companies and currently occupies the position of Chairman of Icade SA, Chairman for Crédit Agricole Assurances Solutions SAS, Chairman-Supervisory Board at F and Chief Executive Officer of Predica SA. Mr. Thomas is also on the board of Spirica SA, Adicam SARL, Crédit Agricole Vita SpA and La Médicale de France SA.
In the past Frédéric Thomas occupied the position of Chief Executive Officer of CRCAM Normandie-Seine, Chairman of Fonds Stratégique de Participations SICAV, Chief Executive Officer at Crédit Agricole Assurances SA and Managing Director & Director at Crédit Agricole Leasing & Factoring SA.
Mr. Thomas received an undergraduate degree from École Nationale Supérieure d'Acrchitecture de Bretagne.
Icade is both a commercial real estate company (assets at 12/31/2025: EUR 6.1 billion, including 100% ownership and joint-venture interests) and a property developer (net sales in 2025: EUR 1.1 billion), operating throughout France. As a long-term partner, Icade responds to changing needs and puts climate issues and the preservation of biodiversity at the heart of its business model, reinventing real estate and contributing to a more sustainable city.
Listed (SIIC) on Euronext Paris, Icade's main shareholder is the Caisse des Dépôts group.
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