Icade, the French listed real estate investment unit of bank Caisse des Depots, has confirmed that it is in the process of selling some residential properties, but denied a report in La Tribune that it is disposing of its entire residential portfolio of 30,000-35,000 apartments in France.
Icade, the French listed real estate investment unit of bank Caisse des Depots, has confirmed that it is in the process of selling some residential properties, but denied a report in La Tribune that it is disposing of its entire residential portfolio of 30,000-35,000 apartments in France.
Icade said that the disposal will be in line with the company's disposal strategy announced in May, which forecast the sale of a total 14,500 apartments in the next four years to Enterprises Sociales pour l'Habitation (ESH), or social housing firms. 'The company has not received an offer for the totality of its residential portfolio,' Icade said in a statement released on Saturday. The firm did not disclose the size of the portfolio which is trying to sell.
According to French newspaper La Tribune, Icade is expected to sign an agreement as soon as next week to sell its entire residential portfolio. The buyers would be a consortium of investors, including residential proeprty firm 3F, the paper said.
