Icade to sell iconic Champs-Élysées building for €402m

French real estate company Icade has signed a preliminary agreement to sell its Marignan building on the Champs-Élysées for €402 mln. 

Marignan - Icade

The sale price is 20% above the building's net asset value as of 31 December 2024.
The buyer is Black Swan Real Estate Capital, representing Bain Capital and Revcap.
This highly sought-after Art-Deco property, built in 1930, is located at 29-33 Avenue des Champs-Élysées and spans over 12,000 m2, including 7,300 m2 of office space and 4,800 m2 of retail.
Icade recently vacated the building and secured refurbishment permits. This transaction is expected to boost Icade's cash flow, reduce its debt, and accelerate its ReShapE strategic plan. The deal is slated to finalise in the first half of 2026, pending certain conditions.
Nicolas Joly, CEO: "The signing of this preliminary sale agreement highlights our ability to crystallise the value we have created across our assets and to take advantage of favourable market conditions, reflected in strong investor appetite for value-add properties. This transaction will enable Icade to optimise capital allocation and strengthen its financial structure, while giving itself the means to further implement its strategic plan."