Icade to Sell Stake in Italian Portfolio for €173 Million

Icade has signed an agreement with BNP Paribas Real Estate Investment Management (BNPP REIM) to sell its stake in a diversified portfolio of 23 assets in Italy, valued at approximately €173 million. The portfolio includes five acute and medium-term care facilities and 18 senior assisted-living facilities located in northern and central Italy. This transaction accounts for about 15% of Icade's exposure to the healthcare real estate sector.

The overall value of the portfolio exceeds €300 million. Proceeds from the sale will largely repay a shareholder loan from Icade to IHE Healthcare Europe. The deal is pending approval from local municipalities and is expected to close in the fourth quarter of 2025. The impact on Icade’s 2025 Net Current Cash Flow will depend on the closing date and interest income from the loan. Post-transaction, Icade will retain a minor stake in five Italian assets while holding facilities in Portugal and Germany.