And four. At the end of February, the Icade real estate company announced the sale of the “Loire” office building (20,000 square meters) on the LCL campus in Villejuif (Val de Marne). The promise to sell should be signed in April. The name of the purchaser is not yet known: we just know that it is an investor in the insurance sector. The Loire building is part of a set of five buildings (70,000 square meters) built in 2010 at the foot of the metro, and since then rented to LCL. The group, which decided in 2007 to bring together its general management and employees on a single site, today employs nearly 3,000 people in Villejuif. Three of the five buildings on campus have also become his property for two years. After the sale, LCL will remain the tenant of the building.
An important park in Rungis
At the same time as “Loire”, Icade sold its Parisian building Millenaire I, which housed its head office for several years. These two disposals brought in 320 million euros, a sum that will be reinvested “in development operations” indicates Emmanuelle Baboulin, member of Icade’s Executive Committee in charge of Commercial Property Investment. Each year, Icade thus sells around 600 to 700 million euros in assets.
Buildings often already rented, in which the real estate company believes it can no longer create additional value. The next sale will concern a building located in the region. ” We try to sell assets in geographic sectors in which we already have strong positions, because diversification is one of our priorities. The DNA of our real estate company is to be found all over France, and in particular within Greater Paris »Argues Emmanuelle Baboulin. Icade is very present in the north and west of the Paris region. In the Val de Marne, its portfolio includes in particular the 400,000 square meters of the Icade Paris Orly Rungis park, which still has some potential for development.
New building in Nanterre
While the health and social crisis is reshuffling the cards for tertiary real estate, the Icade group is cautious about the prospect of building empty offices. On the other hand, the real estate company pursues turnkey projects delivered to companies. This is particularly the case with the Origine building in Nanterre (Hauts de Seine), which will soon be delivered to Technip, which will occupy 68% of it. A building of 14,500 square meters with a wooden structure, and high environmental and social performance (circular economy, labels, hours of integration, etc.), which the group gladly presents as a showcase of its know-how.
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