Icade SA is a multinational investment (REIT) company that is also a leader in property development services. It invests in various types of properties including both public (health care) and private (residential, company properties). As a service provider it consults property developers and assists them with management.
Though traditionally a large investor in residential real estate it has recently divested a lot of those assets (to government run social housing, still has about €2 billion worth of assets) as part of its restructuring (shift to commercial assets) some which don't appear to fit the company's growth plan remain due to company policies regarding arbitrage

Arbitrage

In economics and finance, arbitrage is the practice of taking advantage of a price difference between two or more markets: striking a combination of matching deals that capitalize upon the imbalance, the profit being the difference between the market prices...

.
Even though a lot of its business is in France (most of its >200,000 m² of office space is in Paris, shopping malls (including developments and business parks) and healthcare properties in more rural areas) it also has a significant and growing presence in other European countries like Germany and Spain.
It gained SIIC (REIT outside of France) eligibility in 2007 after combining many of its subsidiaries.
In 2007 it began a 32 year contract with CHU de Nancy hospital in France.

Recent divestures include Icade Italia in 2010.

• On November 13, 2009 Icade sold about 4745 housing units to a group of 25 social housing investors representing another company SNI. That move brought the number of residential units sold or committed for sale in late 2009 to early 2010 up to 29,452. The value of assets divested adds up to about €2 billion. The reason given for the sales by CEO George Grzybowski is that the residential arm of the company had limited profitability.

• In January 2010 it became the second largest owner of office space among French real estate investment companies (SIIC) after acquiring 94.5% of Lucette from Morgan Stanley for 4.5% of Icade. The move added €1.5 billion worth of assets to the company replacing a lot of the value lost in the earlier residential sales.

• In the summer of 2010 Icade reached an agreement with another company called MVRDV to develop part of France's first Eco-quarters, a residential complex made up of low energy buildings a first for France.

History

Icade was created in 1954 as Société Centrale Immobilière de la Caisse des dépôts by Caisse des dépôts as a subsidiary. It was not until the 1980s that it started investing in non residential/public properties.

• Expansion into Germany happened in 2004 where it purchased office buildings, the same year the company began focussing on buying out private subsidiaries (companies that were not publicly traded).
• Icade's first day of trading on the Euronext was April 12, 2006. It had an ipo of about €2.64 billion.

Business

Even though the company has expressed interest in getting out of the residential real estate business, that business segment is still an important source of cash flow for the company (34.3% of its portfolio 85.1% of operating income 69.4% of net rent in 2009).
Regarding healthcare properties Icade owned 23 clinics in 2009.
The company's largest shareholder is French state owned company Caisse des Depots

Caisse des dépôts et consignations

The Caisse des Dépôts et Consignations is a French financial organization created in 1816, and part of the government institutions under the control of the Parliament. Augustin De Romanet is the board chairman and chief executive...

 which controls it with a 64% interest. It is one of 2 Caisse des Depots subsidiaries that operate in the real estate business (the other is SNI). Its largest international presence is in Germany (19 subsidiaries compared to 6 in Italy, Spain, Belgium, Benelux combined.)

Subsidiaries in 2009 included Icade Commerces (housing), investment companies HC Investissement, SCI Zeugma, SCI Xm Clermont-Ferrand, SCI Marignane La Palun, engineering consultants Icade Arcoba and Icade Sethri Setae as well as many other small companies in charge of rental properties and business parks (most major properties are run by different subsidiary groups).

International

Germany - Icade Reit - Mostly commercial/office business properties in Hamburg, Munich, Frankfurt, Berlin and Düsseldorf with tenants that include Deutsche Telekom

Deutsche Telekom

Deutsche Telekom AG is a telecommunications company headquartered in Bonn, Germany. It is the largest telecommunications company in Europe....

. In 2006 it purchased assets from Daimler Chrysler.

Spain - Inmobiliaria de la Caisse des dépôts España - Many university locations - 21 residences in 2006

Italy - Icade Italia, Newreal - Icade Italia was sold in 2010

Belgium, Benelux - Offers services to the European Parliament.