ICADE (EPA:ICAD) - ICADE SIGNS ITS FIRST INTERNATIONAL HEALTHCARE PROPERTY INVESTMENT

Transparency directive : regulatory news

08/10/2018 07:30

PRESS RELEASE
Issy-les-Moulineaux, October 8, 2018

ICADE SIGNS ITS FIRST INTERNATIONAL HEALTHCARE PROPERTY INVESTMENT

Icade has signed a memorandum of understanding to invest in the construction of
seven nursing homes (Residenze Sanitarie Assistenziali, RSA) in Northern
Italy.

The investment amounts to EUR112 million with an initial yield in line with the
market.

The portfolio includes seven nursing home construction projects in the
Piedmont, Veneto and Lombardy regions. These properties representing 1,020 beds
and 52,200 sq.m are scheduled for completion between the end of 2019 and the
end of 2021.

The acquisition will be carried out upon completion of the facilities, once the
customary permits required for their operation have been obtained.

The assets have been entirely pre-let under 18-year leases with no break
options and will be operated by the Gheron Group, a fast-growing specialist
healthcare operator which manages several facilities totalling 3,250 beds, some
under development and some already in use.

This transaction with a property development fund managed by Numeria, an
Italian asset management company (SGR), is part of a new partnership which
could open up further investment opportunities.

The final purchase agreement is expected to be signed in Q4 2018, once the
necessary approvals and authorisations have been obtained. For this deal, Icade
was advised by the law firm Freshfields Bruckhaus Deringer on legal and tax
matters, by CBRE on technical due diligence and by Miel Capital in partnership
with Your Care Consult for acquisition advisory services.

This transaction is part of the international diversification strategy for
Icade's healthcare property investments, which was announced last July at the
time the 2019-2022 plan was presented.

                                ABOUT ICADE

                         Building for every future

As an investor and a developer, Icade is an integrated real estate player which
designs innovative real estate products and services adapted to new urban
lifestyles and habits. By placing corporate social responsibility and
innovation at the core of its strategy, Icade is closely involved with
stakeholders and users in the cities-local authorities and communities,
companies and employees, institutions and associations... As a commercial and
healthcare property investor (portfolio value of EUR11.4bn as of 06/30/18 on a
proportionate consolidation basis) and as a property developer (2017 economic
revenues of EUR1,209m), Icade has been able to reinvent the real estate
business and foster the emergence of tomorrow's greener, smarter and more
responsible cities. Icade is a significant player in the Greater Paris area and
major French cities. Icade is listed on Euronext Paris as a French Listed Real
Estate Investment Company (SIIC). Its leading shareholder is the Caisse des
dépôts Group.

The text of this press release is available on the Icade website: www.icade.fr

                                   CONTACTS

Victoire Aubry,
Member of the Executive Committee in charge of
Finance, Legal, IT, and Work Environment
victoire.aubry@icade.fr

Charlotte Pajaud-Blanchard,
Press relations manager
+33(0)1 41 57 71 19
charlotte.pajaud-blanchard@icade.fr

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ICADE (EPA:ICAD) - ICADE SIGNS ITS FIRST INTERNATIONAL HEALTHCARE PROPERTY INVESTMENT

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