Icade sells Champs-Élysées Marignan building for €402m

Real estate developer and investor Icade has finalised the sale of its Marignan building on the Champs-Élysées for €402 mln.

Marignan - Icade

The buyer is Black Swan Real Estate Capital, representing funds managed by Bain Capital and Revcap, following an initial agreement made in December 2025.

The Marignan building, an Art Deco structure from the 1930s located at 29–33 avenue des Champs-Élysées in Paris, spans over 12,000 m2 across seven floors. This includes 7,300 m2 of office space and 4,800 m2 of retail space.

The sale, which began in mid-2025, involved a competitive bidding process. Icade achieved a value of €33,000 per m2 (combining office and retail areas), which is over 20% higher than its Net Asset Value (NAV) reported at the end of 2024.

The sale was executed after the building was refurbished following its vacancy, and all necessary permits were secured.

Nicolas Joly, CEO, stated: “This sale, involving a flagship asset from the Property Investment Division’s portfolio and completed on excellent terms, generated significant value for Icade. It will enable the Company to optimise capital allocation and strengthen its financial structure, while supporting the continued implementation of its ReShapE strategic plan.”