ICADE PROMOTION SELLS 261 HOUSING UNITS OFF-PLAN TO ABERDEEN STANDARD
INVESTMENTS FOR NEARLY EUR64 MILLION
At the end of 2020, Icade Promotion and Aberdeen Standard Investments signed
off-plan sale agreements for two residential buildings in Rueil-Malmaison
(Hauts-de-Seine) and two seniors' residences with services in Villeneuve-Loubet
(Alpes-Maritimes) and Toulouse (Haute-Garonne) for a total of nearly EUR64m
excl. taxes. Revenue from these sales will mostly be recognised in 2021 and
* A seniors' residence with services in Villeneuve-Loubet (Alpes-Maritimes) for
EUR26.3m excl. taxes
Designed by Jean-Philippe Cabane (ABC Architectes), this seniors' residence
with services is being jointly developed by Icade and the Réside Études Group
which will operate it under a 12-year lease with no break option. It will
include 93 apartments as well as some common areas, including a rooftop terrace
with a view of the sea and a landscaped garden. The residence will be part of a
9,500-sq.m mixed-use complex comprising offices, a restaurant and ground-floor
shops. It aims to obtain RT 2012 certification, the VISEHA label (seniors'
quality of life) and the BDM label (Sustainable Mediterranean Building) with a
Bronze rating. It is scheduled for completion in June 2023.
* A seniors' residence with services in Toulouse (Haute-Garonne) for EUR22.8m
excl. taxes (subject to the final revised building permit being granted)
Located in the "La Roseraie" district, this 120-apartment seniors' residence
with services will be operated by the Villas Ginkgos group for a term of 12
years with no break option. Designed by Brénac & Gonzalez and MR3A, it will
also feature 976 sq.m of service areas, including a restaurant, staff room,
activity room, bar, gym, pool, shared terrace, etc. It is scheduled for
completion in June 2023. This project aims to obtain RT 2012 -15%
certification, NF Habitat HQE certification and the E2C1 label.
Aberdeen Standard Investments completed these two acquisitions through its fund
Aberdeen Standard Pan-European Residential Property Fund (ASPER).
* Two residential buildings part of the "Naturessence" project in
Rueil-Malmaison (Hauts-de-Seine) for a total of EUR14.6m excl. taxes
This off-plan sale agreement includes two residential buildings designed by the
architecture firm Pierre Douaire as part of the "Naturessence" project located
in the Arsenal development zone. 48 housing units will be completed in Q1 2022.
The project will feature various common areas dedicated to nature. It aims to
obtain RT 2012 -20% and NF Habitat HQE certification.
The acquisition was made on behalf of a pan-European fund dedicated to a German
institutional investor and managed by Aberdeen Standard Investments.
For these three transactions, Aberdeen Standard Investments has been advised by
the notary's office Attal et Associés. It has also been advised by the law
firm Herbert Smith Freehills Paris LLP for the two seniors' residences.
Two building consultants were involved in the projects-Imagin' for the seniors'
residence in Villeneuve- Loubet and the buildings in Rueil-Malmaison and
Builders & Partners for the seniors' residence in Toulouse.
These transactions reflect the strength of Icade Promotion's residential
business and confirm the growing interest of institutional investors in this
DESIRABLE PLACES TO LIVE
As an office and healthcare property investment company (portfolio worth
EUR14.4bn on a full consolidation basis as of 06/30/2020) and a developer of
homes, offices and public amenities (2019 economic revenue of nearly EUR1bn),
Icade designs, builds, manages and invests in cities, neighbourhoods and
buildings that are innovative, diverse, inclusive and connected with a reduced
carbon footprint. Desirable places to live and work. In collaboration with its
stakeholders, Icade has made low carbon a strategic priority in order to
reinvent real estate and create cities that are healthier, happier and more
hospitable. Icade is a key player in Greater Paris and major French cities. It
is listed as a "SIIC" on Euronext Paris and its leading shareholder is the
Caisse des Dépôts group.
The text of this press release is available on the Icade website:
Head of Financial Communication and Investor Relations
+33 (0)1 41 57 70 29
About Aberdeen Standard Investments:
* Aberdeen Standard Investments is a leading global asset manager dedicated to
creating long-term value for our clients. With over 1,000 investment
professionals, we manage EUR501.2 billion of assets worldwide. We have clients
in 80 countries supported by 52 relationship offices. This ensures we are close
to our clients and the markets in which we invest*.
* We are high-conviction, long-term investors who believe teamwork and
collaboration are the key to delivering repeatable, superior investment
performance. We are resolute in our commitment to active asset management.
* Aberdeen Standard Investments is the asset management business of Standard
Life Aberdeen plc, one of the world's largest investment companies.
* Standard Life Aberdeen plc is headquartered in Scotland. It has around 1.2
million shareholders and is listed on the London Stock Exchange. The Standard
Life Aberdeen group was formed by the merger of Standard Life plc and Aberdeen
Asset Management plc on August 14, 2017.
* Figures as of June 30, 2020