Icade in exclusive talks to sell management business

French property company Icade said it has entered into 'exclusive negotiations' with Procivis Immobilier regarding the sale of its property management arm, Icade Administrations de Biens. In a statement on Thursday, Icade said the decision comes after weeks of discussions with different candidates regarding the disposal.

With more than 108,000 units under building management for syndicates of co-owners, about 19,000 units under rental management and a network of 19 agencies with nation-wide presence in the Paris region and major regional cities, Icade Administrations de Biens is one of the major players in the French market of property management for individuals.

Icade said the sale is part of its strategy announced last October to reduce activities in the property services sector.