Icade SA

What Icade SA does

Icade SA is a French real estate investment trust (SIIC, ticker ICAD on Euronext Paris) founded in 1954 and controlled by the state-owned Caisse des Dépôts et Consignations. Headquartered at Tour Hyfive in Paris La Défense, the company operates through two integrated divisions: the Foncière division, which owns and leases commercial office space, business parks, and (until recently) healthcare facilities across France and selectively in Europe; and the Promotion immobilière division, which develops and sells residential and commercial real estate, including affordable and inclusive housing under mechanisms such as the Bail Réel Solidaire and the Icade Pierre Pour Tous OFS.

Revenue is generated through three streams: recurring rental income from the commercial property portfolio (Foncière), one-time property development sales (Promotion), and strategic asset disposals used to manage leverage and liquidity. In Q1 2026 the company reported €278.2M in revenue, a 14.7% year-over-year decline driven by a 19.3% drop in property development activity, while maintaining 85.0% financial occupancy on its commercial portfolio and reaffirming full-year 2026 net current cash flow guidance of €2.90–€3.10 per share. Icade supplements its core activities with differentiated offerings including the Bail Engagé Climat climate lease (launched 2022), shared senior housing through its Domani partnership, flexible workspace services (Smartdesk, Smartroom), and the Urban Odyssey start-up studio in partnership with the HEC incubator. Distribution runs through direct property sales via icade-immobilier.com, B2B leasing teams in its business parks, and public-sector engagement via its Caisse des Dépôts parent ecosystem (e.g., the Athletes' Village for the 2024 Olympics, Banque des Territoires conventions).

Icade's portfolio was valued at €14.3 billion in 2019, with a development pipeline of €2.2 billion. The company is currently executing the ReShapE 2024–2028 strategic plan under CEO Olivier Wigniolle, focusing on portfolio rationalization (including the €402M sale of the Marignan building on Champs-Élysées at a 20% premium to NAV in Q1 2026 and the €300M+ divestiture of an Italian healthcare portfolio to BNP Paribas REIM in late 2025), sustainability leadership via a €145M climate investment plan to 2030, and growth in affordable housing through its OFS. Customers include large enterprises such as Schneider Electric (new EDENN headquarters at Nanterre) and the Comité d'Organisation des Jeux Olympiques.

Name

Icade SA

Legal name

Icade SA

Website

https://icade.fr

Company type

Public

Founded year

1954

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Icade SA is a French SIIC (REIT) controlled by Caisse des Dépôts, operating a dual Foncière (commercial property investment) and Promotion (real estate development) model across France, with selective European healthcare exposure that is currently being divested.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Investment and Development

NAICS

Real Estate and Rental and Leasing (53), Rental and Leasing Services (532)

SIC

Real Estate Agents & Managers (For Others) (6531), Lessors Of Real Property, Nec (6519)

akta.pro primary industry

Property Management Advisory & Leasing Administration (FSAEAJAN)

Keywords

• Commercial real estate
• Property development
• Real estate investment
• Office leasing
• Affordable housing

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Rental Income from Commercial Properties: Icade generates recurring rental income from its commercial property portfolio (Foncière), including office spaces and business parks. Q1 2026 showed mixed leasing activity with some slowdown observed in the period.
2. Property Development Sales: Revenue from property development activities (Promotion) including residential and commercial property sales. Q1 2026 saw a 19.3% decline in property development revenue year-over-year.
3. Asset Disposals: Strategic asset sales to improve liquidity and reduce leverage. The Marignan building on Champs-Élysées was sold for €402 million in Q1 2026, representing a 20% premium to net asset value.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Icade SA is a French SIIC (REIT) that owns, manages, and leases commercial real estate through its Foncière division (office parks, business districts, and tertiary assets across France) and develops residential and commercial property through its Promotion immobilière division. It complements these core operations with specialized offerings including the Bail Réel Solidaire affordable homeownership scheme, the Bail Engagé Climat climate lease, the OFS Pierre Pour Tous affordable housing fund, and shared housing solutions for seniors.

Product overview

Icade SA operates as a dual-activity French REIT comprising two core divisions: the Foncière (real estate investment) business that owns and manages commercial property portfolios including business parks and office buildings, and Promotion immobilière (property development) that designs and constructs residential and commercial projects. The company supplements these core activities with specialized offerings including the Bail Réel Solidaire (BRS) affordable housing scheme, the Bail Engagé Climat climate lease initiative, shared housing for seniors through Domani, flexible workspace services (Smartdesk, Smartroom), and the Urban Odyssey start-up studio for sustainable city innovation. The company also operates sector-specific funds like the OFS Pierre Pour Tous for affordable housing.

Differentiator

Problem solved

Functional benefit

Brands

• Icade Santé: Healthcare real estate investment subsidiary focusing on acute, medium-term care, and elderly care facilities
• Icade Promotion
• Icade Foncière Tertiaire
• Icade Pierre Pour Tous
• ReShapE

Products and services

• Foncière (Real Estate Investment) Real estate investment division that owns, manages, and leases commercial properties including office parks, business districts, and tertiary real estate assets across France; generates recurring rental income from corporate and public sector tenants.
• Promotion immobilière (Property Development) Property development division that designs, constructs, and delivers residential and commercial real estate projects, including housing, offices, and mixed-use developments; sells new properties directly to individual buyers and B2B clients, with 91% of housing operations certified NF Habitat in 2025.
• Bail Réel Solidaire (BRS) A solidarity real estate lease scheme enabling affordable homeownership for low-income households by separating land ownership from building ownership, offering properties approximately 35% below market price.
• Bail Engagé Climat (Climate Lease) A pioneering climate lease contract created in 2022 to help tenants reduce their greenhouse gas emissions, incorporating Paris Agreement-compatible climate objectives and environmental performance tracking.
• Icade OFS Pierre Pour Tous A specialized real estate fund (Organisme de Foncier Solidaire) dedicated to affordable housing, with its first operation at Les Demeures de Gaïa in Cognin (73) inaugurated in June 2026.

Quantifiable outcome

• Carbon intensity reduction of 57% for Foncière and 36% for Promotion (2019-2025)
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eleven partnerships are on record, tiered core and minor.

• Banque des TerritoirescoreStrategic or Co-development Partner · 25 June 2026La Banque des Territoires (Caisse des Dépôts) and Icade signed a convention to valorize land awaiting transformation. This partnership leverages public development finance expertise for urban renewal projects.
• Yes We CampminorStrategic or Co-development Partner · 25 June 2026Yes We Camp partners with Icade and Banque des Territoires to develop interim uses for land awaiting transformation, providing activation and programming services.
• BNP Paribas Real Estate Investment Management (BNP Paribas REIM)coreChannel Partner/ Reseller/ Distributor · 23 December 2025BNP Paribas REIM acquired a majority stake in an Italian portfolio of 23 healthcare assets valued at over €300 million from Icade and other institutional investors. The portfolio includes 5 acute and medium-term care facilities and 18 elderly care facilities in northern and central Italy, strengthening BNP Paribas REIM's Healthcare Property Fund Europe.
• Poste ImmocoreStrategic or Co-development Partner · 1 January 2019Joint venture ARKADEA created by Icade and Poste Immo for property development. In 2019, ARKADEA launched the 'Expansion' project at Rungis, a 182-unit mixed residential development (including 63 social housing units) on the Paris Orly-Rungis business park.
• Start-ups and Innovation EcosystemcoreStrategic or Co-development PartnerIcade maintains partnerships with start-ups through its Urban Odyssey start-up studio and innovation programs. The company collaborates with HEC incubator for supporting entrepreneurs developing sustainable city solutions.
• La Poste ImmobiliercoreStrategic or Co-development PartnerPartnership with La Poste Immobilier for joint property development projects. In June 2026, inaugurated the 'So Victoria' residence in Aix-les-Bains (73) developed collaboratively.
• DomaniminorStrategic or Co-development PartnerInvestment in Domani, a pioneer of shared housing for elderly people losing autonomy, as part of Icade's inclusive housing offerings.
• Architects and Urban PlannerscoreImplementation/ SI/ Consulting PartnerPartnerships with architecture firms and urban planners for property development projects. Notable collaborations include Kanopia (Expansion project), Corinne Vezzoni/HYL/Frederic Denise (Le Havre projects), and EBEN Architecture.
• Unis-CitéminorGTM or Marketing PartnerPartnership with Unis-Cité for organizing solidarity days where Icade employees dedicate time to associations, supporting community engagement initiatives.
• CDC BiodiversitécoreStrategic or Co-development PartnerBiodiversity performance contracts with CDC Biodiversité for measuring and improving biodiversity indicators on Icade's business parks, including fauna and flora, soil quality, green space management, and user awareness.
• HEC IncubatorminorStrategic or Co-development PartnerPartnership with HEC incubator for the Urban Odyssey start-up studio, supporting entrepreneurs in developing sustainable smart city solutions through mentorship and resources.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Covivio: Covivio is a European REIT with significant operations in France, Italy, and Germany covering offices, residential, and hotels. Its pan-European office strategy and Italian healthcare exposure make it directly comparable to Icade's diversified European portfolio.
• Nexity: Nexity is France's largest integrated property developer, with operations spanning residential development, commercial real estate, and property services. It directly competes with Icade Promotion in the French residential development market and shares the domestic French focus.
• Unibail-Rodamco-Westfield: Unibail-Rodamco-Westfield is a major European REIT listed in Amsterdam and Paris, focused on retail and office assets. It shares the French-listed REIT structure and commercial real estate focus, making it a direct competitor for institutional capital and prime assets.
• Frey: Frey is a French REIT and developer of retail parks and open-air shopping centers. It shares Icade's developer-investor model and focus on commercial real estate in France with sustainability commitments.
• Altarea: Altarea is a French REIT and property developer combining retail real estate investment with mixed-use development. Its dual Foncière/Promotion business model mirrors Icade's structure, with similar focus on prime French locations.
• Klépierre: Klépierre is a French-listed REIT specializing in shopping centers and retail real estate across continental Europe. While its retail focus differs from Icade's office-heavy portfolio, both are European SIIC-equivalent REITs competing for institutional investment.
• Gecina: Gecina is a French SIIC (REIT) specializing in prime office and residential real estate in the Paris region. It is one of the most directly comparable peers to Icade, sharing the same French REIT structure, office-focused portfolio, and prime Paris location strategy.
• Vonovia: Vonovia is Europe's largest residential real estate company, based in Germany. It shares the European listed REIT structure and scale of Icade, though focused on residential rather than commercial real estate.
• Société Foncière Lyonnaise (SFL): SFL is a French SIIC focused exclusively on high-end office real estate in Paris's Central Business District. It competes directly with Icade's Foncière Tertiaire division for premium Parisian office tenants and assets.

Regional players

• Colonial (Grupo Colonial): Grupo Colonial is a Spanish REIT (SOCIMI) specializing in prime office real estate in Paris, Madrid, and Barcelona. Its significant French office presence via SFL makes it a regional competitor to Icade's Foncière Tertiaire division in the prime Parisian office market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/user/IcadeOfficiel
• Facebookfr-fr.facebook.com/Icade.Officiel
• LinkedInlinkedin.com/company/icade
• Instagraminstagram.com/icadeofficiel
• Xx.com/Icade_Officiel

Compliance10 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Icade SA