French real estate companies Icade Promotion and Ideal Groupe are to jointly develop around 20 residential projects as part of a new strategic partnership.
Construction work on the projects, each averaging 50 units, is expected to commence between the fourth quarter of 2024 and 2025.
Icade Promotion has directly purchased two projects - one in Pontchâteau (Loire-Atlantique) with 44 units, and another in Saint-Vincent-de-Paul (Gironde) with 56 units - with a total estimated revenue of approximately €15 mln.
Under the partnership, Icade Promotion will receive preferential treatment for any future projects developed by Ideal Groupe. All projects are situated near major cities where Ideal Groupe is already established, including Nantes, Angers, Bordeaux, Lyon, Grenoble, and the Paris region.
Charles-Emmanuel Kühne, CEO of Icade Promotion, said: ‘This partnership is fully in line with our strategic vision, strengthening our capacity to build housing for all through projects that are due to start up in the near future, while at the same time reinforcing our development capacity over a longer period.’
Pierre Vital, founding partner of Ideal Groupe, commented: ‘Ideal Groupe has always stood out for its agility in building strategic partnerships to expand and ensure the success of its business. As such, we’re totally confident about the future because we share the same DNA as Icade as well as being a natural fit in terms of current and future projects.’
Edouard Myon, founding partner of Ideal Groupe, added: ‘Players in the real estate industry have had to work in new ways due to current market conditions. Through this partnership, Ideal Groupe aims to continue to meet an essential housing need by developing a wide range of projects and housing solutions for all.’
