French REIT Icade said on Tuesday that it is withdrawing from the German commercial property market as part of its strategy to refocus on the Ile-de-France region.

French REIT Icade said on Tuesday that it is withdrawing from the German commercial property market as part of its strategy to refocus on the Ile-de-France region.

The Paris-listed group is on its way to complete the disposal of its entire portfolio of German assets worth €160 mln.

Icade, a subsidiary of Caisse des Dépôts, has sold a 59,150 m2 office building in Munich to a group of international investors as well as two plots in Berlin offering 7,335 m2 to a Berlin-based developer. It has also signed a preliminary agreement to divest a 19,524 m2 plot in Dusseldorf and a 9,475 m2 building in Hamburg.

When completed, the company's only remaining German asset will be an office complex in Frankfurt, which should be sold by year-end.

'Complete withdrawal from Germany will allow Icade to lower the share of non-strategic assets in its overall portfolio from 5.5% on 31 December 2013 to 3.7%,' Icade said.

Icade was assisted on the legal side by German firms Goerg and Hoffmann Liebs Fritsch & Partner, and fiscally advised by German and French firms Luther and Arsène.