French property group Icade said it has decided to engage in 'exclusive negotiations' with Groupe TFN in relation to the sale of Icade Eurogem, its facility management business. The decision follows a broad consultation open to all the sector's players, the company added.
French property group Icade said it has decided to engage in 'exclusive negotiations' with Groupe TFN in relation to the sale of Icade Eurogem, its facility management business. The decision follows a broad consultation open to all the sector's players, the company added.
Icade Eurogem is one of the major French facility managers in the office market, and services more than 1,000 buildings with a total of 3.3 million m2 through a network of seven office in France's major regional cities.
Groupe TFN is a global services group dedicated to the global management of real estate maintenance. Groupe TFN generated EUR 506 mln in revenues in 2008 from its portfolio of 18,000 clients and its 28,000 employees located in France and Europe.
Icade said in October last year that it would seek a strategic partner for its property services business as part of a plan to refocus the company's property services division on activities 'where there are real synergies'. Those activities consist of consulting, managing student housing and institutional property management, the company said.
'This refocusing will also include matching the activities of property management for individuals and facilities management to external parties presenting a credible industrial alternative, with Icade maintaining its contractual relations with the activities concerned,' the French REIT added.
