French listed property group Icade has signed an agreement to divest its student housing management unit, Icade Résidence Services (IRS) to peer Nexity. Financial details were not disclosed.
French listed property group Icade has signed an agreement to divest its student housing management unit, Icade Résidence Services (IRS) to peer Nexity. Financial details were not disclosed.
IRS is France's third-biggest operator in the private student residence management sector, with a portfolio of almost 8,000 units across 60 residences located in Ile-de-France and the main French university towns. In 2011, IRS generated a turnover of over EUR 40 mln.
Icade, a subsidiary of Caisse des Dépôts, is on the verge of taking control of listed property group Silic as part of its strategy to refocus on commercial property. In the past few years, the company has been decreasing its exposure to residential while strengthening its commercial real estate portfolio with the purchase two years ago of La Lucette from Morgan Stanley.
