French property company Icade said it has signed a preliminary agreement with Procivis Immobilier to sell its property management business, Icade Administration de Biens. The two companies entered into exclusive negotiations at the beginning of April, the French REIT added.
French property company Icade said it has signed a preliminary agreement with Procivis Immobilier to sell its property management business, Icade Administration de Biens. The two companies entered into exclusive negotiations at the beginning of April, the French REIT added.
The transaction price comes to around EUR 24 mln and may be adjusted upwards or downwards, depending on the operational performance of Icade Administration de Biens in 2009. Icade said the sale is part of its strategy announced last October to reduce activities in the property services sector.
Managing more than 108,000 residential units on behalf of third parties and about 19,000 rented properties, Icade's property management arm generated revenues of EUR 37 mln in 2008. Icade was advised by Credit Suisse and White & Case.
