PIE Events
- Nordics Property Breakfast
31 May 2012
Frankfurt am Main, Germany
Upcoming Events
- Property Debt Breakfast
20 June 2012
London
French SIIC Icade posts stable results, shifts away from housing in new strategy
French SIIC/REIT Icade posted an 18% increase in 2008 group net income to e313m. However this was considerably boosted by profit from disposals, which rose to e296m from e139m last year. EBITDA rose 15% to e335m. Appraised value of its assets rose to e6.95bn against e6.2bn in 2007 and was supported by an active sales policy which doubled profit disposals by selling housing units worth e296m. As well, Icade last year invested nearly e467m in cash-flow generating assets such as offices, business park properties and shopping centres. Due to depreciation to cover the reduced value of development and services, NAV per share fell by e6.60 to e109.80.