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| Mr Bricolage, Icade to combine their business expertise The Mr Bricolage Group, France's third-largest DIY retailer, and a France-based real estate investment company Icade have renewed the formal agreement in place since May 2005, for a period of 9 years (i.e. from 1 January 2011 to 31 December 2019). The goal of this partnership is to combine their business expertise in order to drive the development of the real-estate division of the Mr Bricolage Group, as part of its expansion. The Mr Bricolage Group – Icade signed new leases for a period of 11 years (i.e. from 1 January 2011 to 31 December 2021) regarding the real-estate assets of 36 stores currently operated by the Mr. Bricolage Group and owned by Icade. The Mr Bricolage Group sold its interest in the dedicated structure of Icade, representing 5% of the latter's capital, for around €4 millIion. First outsourcing deal completed by Icade under the SIIC regime (French equivalent of real-estate investment trusts), involving assets appraised at €108.8 million at 30 June 2010 and generating 2010 net rental income of €8.45 million. write your comments about the article :: © 2010 Construction News :: home page |