Icade sells Paris mixed-use project to French state

French listed property group Icade has sold Le Garance office development scheme in the 20th arrondissement of Paris to the government agency France Domaine for an undisclosed amount.

The transaction, which was completed on 31 December 2014, has allowed Icade to achieve its Full Year 2014 result target for its commercial property development business segment, the real estate arm of
Caisse des Dépôts said in a statement.

The project is to be delivered in August 2015. It will include a bus centre for RATP (Paris Public Transport Authority), a secondary school and a nursery in addition of 26,000 m2 of office space entirely leased to the French Ministry of the Interior.

The government signed a lease on the building in June 2014 including an option to to buy the 84,000 m2 building which boasts a HQE and BREEAM Very Good environmental rating.