Icade divests 23 assets in Italy to BNPP REIM for €173m

French real estate company Icade has reached an agreement with BNPP REIM to sell its stake in a portfolio of 23 healthcare assets in Italy for an estimated €173 mln.

The portfolio includes 5 acute care and medium-term care facilities and 18 senior assisted-living facilities, representing about 15% of Icade’s healthcare real estate exposure. 
This sale, involving Icade's interest in an Italian investment vehicle holding assets worth over €300 million, aligns with Icade's net asset value (NAV) as of June 30. The proceeds will primarily be used to repay a shareholder loan from Icade to IHE Healthcare Europe. 
The transaction is expected to close in Q4 2025, pending customary conditions. The impact on Icade's 2025 Net Current Cash Flow will depend on the closing date, particularly regarding interest income on the loan between repayment and year-end. 
Post-transaction, Icade will retain a stake in 5 Italian assets through IHE, as well as healthcare facilities in Portugal and Germany.
Nicolas Joly, CEO, said “We are pleased to have today signed an agreement to sell a portfolio of healthcare properties in Italy to BNPP REIM, which is expected to be a major transaction in this market. This new milestone in the divestment of the Healthcare business will provide the Group with more room for manoeuvre in terms of implementing its ReShapE strategic plan to 2028.”