French commercial property group Icade saw its turnover drop by 12% to EUR 958.5 mln in the first three quarters of 2010, compared to EUR 1 bn in the same period a year before. In a statement, the real estate unit of Caisse des Depots said that the drop is mostly a result of sales and a reduction in the group's real estate development business as part of a more 'prudent strategy' implemented over the last few months.
French commercial property group Icade saw its turnover drop by 12% to EUR 958.5 mln in the first three quarters of 2010, compared to EUR 1 bn in the same period a year before. In a statement, the real estate unit of Caisse des Depots said that the drop is mostly a result of sales and a reduction in the group's real estate development business as part of a more 'prudent strategy' implemented over the last few months.
'This reduction in activity is explained by Icade's prudent policy concerning its Commercial Property Development division, which, due to the unfavourable economic climate, involves launching only those operations that have previously been marketed,' the company said.
At end-September, Icade's development portfolio included 585,000 m2 of commercial real estate, of which 529,000 m2 at an initial stage. A further 230,000 m2 of development assets are being built for Icade's public and healthcare business.
The company said that it signed an agreement to sell the 15th floor of the Grande Arche at Paris' La Défense earlier this month and expects to close the sale by the end of the year.
