Icade, a French REIT owned by Caisse des Depots, plunged into the red in 2015 after booking a profit of €151 mln a year earlier.
Icade, a French REIT owned by Caisse des Depots, plunged into the red in 2015 after booking a profit of €151 mln a year earlier.
The company said €271 net loss was largely due to writedowns of €470 mln in its property investment division, including €390 mln for business parks and €69 mln for offices.
The value changes also resulted in a 3.1% decrease in NAV per share which came in at €76 at year-end 2015.
Net current cash flow dropped 5.6% to €300 mln in 2015. Icade said, however, that it is expecting net current cash flow to grow by around 3% in 2016, largely thanks to an expected increase in the financial occupancy rate in its commercial property investment, as well as the full-year impact of the acquisition of 18 clinics by the healthcare property investment division in 2015.
The company is proposing a dividend of €3.73 per share, unchanged compared to a year ago.
