French listed property group Icade said on Friday that it is postponing the IPO of its healthcare arm Icade Santé due to 'an uncertain and volatile market environment'.
After an active week of roadshows and six days of book building, the company said that it was able to cover the order book but added that current equity market conditions make it impossible to finalize the operation 'under satisfactory terms'.
The company, a €6 bn healthcare property owner with 183 facilities in France, Germany, Italy and Spain, said that it would make a new statement with regards to the transaction in the next few days.
Icade's healthcare property arm was seeking to raise €800 mln in a public listing in Paris. The IPO, priced at between €115 and €135 per share, was aimed at accelerating the group's growth strategy and financing the firm's €3 bn investment plan over the 2021-2025 period. This includes a pipeline of projects launched or yet to be committed for €489 mln; €350 mln worth of acquisitions under exclusivity agreements and a rolling volume of investments under review between €600 mln and €1 bn.
Icade currently holds 58.3% of Icade Santé.
