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| Icade takes a significant step towards complete withdrawal from Germany France-based real estate investment company, Icade is on course to refocus its business on the commercial sector in the Ile-de-France region and has almost sold its whole German asset portfolio. As of 31 December 2013, this portfolio was composed of three office property assets (in Munich, Hamburg and Frankfurt) and three plots for development (in Berlin and Dusseldorf); it represented a total value excluding duties of 1 59.7 million euros. At the beginning of June, Icade sold and transferred the office building of Munich (59,154 sqm) to a group of international investors and the two plots of Berlin (7,335 sqm) to a Berliner developer. The other 19,524 sqm plot in Dusseldorf and the 9,475 sqm building in Hamburg are currently subject to a notarised sale and purchase agreement. The total value of these disposals is in line with its appraised value. Following these transactions, Icade will only own the property in Frankfurt, comprising a complex of two office buildings and a plot of land for development. This last commercial lot is subject to an exclusivity agreement with a local developer which Icade hopes to see realised before the end of the year. Complete withdrawal from Germany will allow Icade to lower the share of non-strategic assets in its overall portfolio from 5.5% on 31 December 2013 to 3.7 %. To achieve these transactions in Germany, Icade was legally assisted by the German firms GÖRG and Hoffmann Liebs Fritsch & Partner, and fiscally advised by the German and French firms Luther and Arsčne (Taxand network). write your comments about the article :: © 2014 Construction News :: home page |