French listed property firm Icade has sold a portfolio of individual condominium housing units for around €40 mln excluding duties.
The buyer is the RLF Group, consisting of social housing provider Résidences le Logement des Fonctionnaires (RLF) and its intermediate housing subsidiary iRLF.
The transaction, for which negotiations began in 2021, was completed in line with the terms set out in the preliminary sale agreement.
The sale includes properties in 62 different locations across France, mainly in Cergy (Val-d'Oise), Poissy (Yvelines), Créteil (Val-de-Marne) and Gagny (Seine-Saint-Denis).
Antoine de Chabannes, executive committee member in charge of portfolio management, commented: ‘Through this deal, Icade has disposed of all its legacy residential investments. This disposal of non- strategic assets has enabled us to further streamline our portfolio.’
With the latest transaction, Icade has completed the disposal of its residual residential portfolio for a total value of €50 mln, in line with the preliminary agreement signed in May 2022.
The sale of the remaining units, totalling under €2m, should be completed by the end of 2023.
