French property company Icade said on Friday that its chairman and chief executive Serge Grzybowski is considering the disposal of the entire housing portfolio to one or more investors at survey value. 'After this operation, Icade would distribute 50% of the capital gains from the disposal, as is provided by its SIIC status. The remainder would provide Icade with considerable leeway as opportunities arise in the commercial sector,' Grzybowski said during a meeting of directors. Grzybowski's proposal was unanimously backed by the board of directors, which believe the operation should be looked into 'as quickly as possible,' Icade said.
French property company Icade said on Friday that its chairman and chief executive Serge Grzybowski is considering the disposal of the entire housing portfolio to one or more investors at survey value. 'After this operation, Icade would distribute 50% of the capital gains from the disposal, as is provided by its SIIC status. The remainder would provide Icade with considerable leeway as opportunities arise in the commercial sector,' Grzybowski said during a meeting of directors. Grzybowski's proposal was unanimously backed by the board of directors, which believe the operation should be looked into 'as quickly as possible,' Icade said.
Icade, the listed property investment arm of Caisse des Depots, owns a housing portfolio consisting of 14,000 housing units worth EUR 2.5 bn in January 2008.
Back in June Icade said it was in the process of selling some residential properties, but denied a report in La Tribune that it was disposing of its entire residential portfolio in France. The disposal of some residential assets was first announced in May last year as part of the company's new strategy to focus on commercial assets. The company is looking to sell most of the assets to social housing firms such as Enterprises Sociales pour l'Habitation (ESH).
