Icade's healthcare unit in €110m capital hike

French healthcare property company Icade Santé has carried out a €110 mln capital increase to bring in a new institutional investor.

The identity of the new shareholder was not disclosed by Icade Santé, part of the French REIT Icade.

This transaction, which was based on Net Asset Value, lowers Icade's equity stake in the subsidiary to 57% from 69% previously, the company said in a statement. The remaining 43% is owned by a number of institutional investors.

It is the second capital increase implemented by the company in the past two months. In April, Icade Santé increased its share capital by €250 mln with a reserved capital increase to three institutional investors led primarily by Crédit Agricole Assurances and BNP Paribas Cardif.

Each insurer invested the funds through its own dedicated OPCI vehicle.

'This new stage in the expansion of Icade Santé’s capital reflects the growth and performance ambitions of its teams,' it added.

Icade Santé owns a portfolio of 55 facilities worth €1.7 bn, divided between seven national and regional operators.