Property arm of French public group sells branches

Icade, the real estate investment arm of French financial public group Caisse des Dépôts et Consignations (CDC), has sold its subsidiaries Icade Asset Management and Icade Conseil to Colliers International Group.

Another transaction has seen Icade sell its subsidiary Icade Property Management to Foncia Group.

“By selling its services division, Icade has refocused on its core businesses as a property investment and property development company and strengthened its business model as an integrated real estate company,” the firm said in a statement.

Icade is a French listed property company. As of 30 June 2016, it reported EPRA earnings of €136.1m and a net cash flow of €145.9m.

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