French insurer Groupama has sold its 12.95% stake in Paris-based REIT Icade to peer and co-shareholder Crédit Agricole Assurances for €715 mln.
The transaction amount corresponds to €74.50 per Icade share sold.
Groupama said the move was in line with its goal of diversifying its financial assets, noting that Icade's good share price performance since the implementation of its new strategic plan made for good timing for such a deal.
Crédit Agricole Assurances, which has been a shareholder in Icade since 2013, boosts its stake in the French REIT to 18.50% following the transaction.
Frédéric Thomas, CEO of Crédit Agricole Assurances, said: ‘This operation reinforces our commitment to Icade, in which we have been a long-term shareholder for several years, and demonstrates our confidence in the potential of the company, its strategy and its teams.’
The transaction has been approved by the boards of directors of both Groupama and Crédit Agricole Assurances.
Icade is an office (pictured: HQHO office tower) and healthcare property investor with a portfolio value of €9.7 bn at end-December 2016. Offices represent 41% or €4 bn of the total portfolio value. Icade is also active as a developer and focuses on the Greater Paris area and major French cities.
