Icade's Strategic Acquisition: Transforming 9 Sites from Casino

Icade's Strategic Move in Urban Development

Icade is making headlines with its significant acquisition of nine sites from Casino Group for a total of €32 million. This marks a substantial step in their ongoing strategic efforts in real estate development and showcases their commitment to urban transformation.

Details of the Acquisition

This exciting deal follows a binding agreement established in late 2024. Initially, it involved the acquisition of a portfolio comprising 11 sites, but now Icade has successfully secured the first phase with these nine properties. The acquired assets consist of a mix of car parks, undeveloped land, business premises, and additional lots near third-party-operated stores.

Locations and Development Potential

The locations of these sites span across various regions, including vibrant cities like Marseille, Montpellier, and Angers. Each site presents unique opportunities for redevelopment—transforming areas through the creation of mixed-use neighborhoods. Two of the notable sites, situated in Marseille and Montpellier Sud, are set for development in collaboration with the recognized CDC Habitat Group.

Benefits of the Redevelopment

These sites have the potential to host approximately 3,050 new housing units along with 29,000 square meters dedicated to retail space revitalization. Additionally, Icade aims to implement eco-friendly initiatives that enhance urban landscapes and foster environmental quality. The emphasis on rewilding is a critical aspect of this redevelopment, aligning with modern urban planning trends focused on sustainability.

Partnership with Casino Group

Through this arrangement, Casino Immobilier will play an integral role in managing this asset portfolio over the next four years. This partnership could also open the door for Casino Group to potentially invest in new project development ventures, thus ensuring a continued relationship between these two influential entities.

Icade's Future Vision

For Icade, this acquisition aligns perfectly with their ReShapE strategic plan, targeting effective urban development for the future. Their approach, through the Ville en Vue concept, emphasizes collaboration among stakeholders and harnesses expert knowledge in spatial planning. This transaction is a testament to Icade's ambition to be at the forefront of urban transformation, actively addressing housing shortages and adapting city spaces to contemporary needs.

Statements from Leadership

Charles-Emmanuel Kühne, CEO of Icade Promotion, expressed enthusiasm about the acquisition, highlighting it as a critical step toward realizing the city of 2050. He recognizes the importance of refreshing neighborhoods while working closely with the CDC Habitat Group to reimagine underutilized areas.

Likewise, Stéphanie Zolesio, Chairwoman of Casino Immobilier, emphasized the dual benefit of this transaction in reducing Casino Group's financial obligations, while also promoting their Renouveau 2028 strategic initiative aimed at enhancing convenience retail solutions. This reflects their commitment to community engagement and sustainable development.

Looking Ahead

The remaining properties from the agreement are expected to be brought into the fold in the second quarter of 2025, contingent upon meeting necessary conditions. This ongoing collaboration signals both companies' dedication to driving meaningful change in the urban landscape.

ABOUT ICADE

Icade is recognized as a premier real estate firm operating across France, holding a robust portfolio valued at €6.4 billion. Their commitment to sustainable development is evident through strategic partnerships dedicated to addressing climate change and promoting biodiversity in urban settings.

ABOUT CASINO GROUP

Casino Group stands as a leader in the retail sector in France, boasting a vast network of convenience stores and a significant presence in online retail. Its focus on evolving consumer trends underscores a commitment to transforming the retail landscape within the framework of contemporary demands.

Frequently Asked Questions

What are the main sites acquired by Icade from Casino Group?

The first nine sites include locations in Marseille, Montpellier, Angers, and several others, focusing on transformation and redevelopment.

What is Icade's ReShapE strategic plan?

It aims to facilitate efficient urban development, emphasizing mixed-use neighborhoods and responding to contemporary urban challenges.

Who will manage the acquired sites?

Casino Immobilier has been designated to manage these sites for four years as part of the acquisition agreement.

How many housing units could potentially be developed?

There is an estimated potential for approximately 3,050 new housing units within the acquired sites.

When will the remaining sites be acquired?

The remaining sites are anticipated to be acquired in the second quarter of 2025, subject to specific conditions being met.

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