(Boursier.com) — Icade climbed 6% to 49.20 euros on the Paris stock exchange on Tuesday, while the group, the minority shareholders of Icade Santé and Primonial REIM announced the signing of an exclusivity agreement relating to the liquidity of the participation of ‘Icade in Icade Santé and on the organization of the disposal of the asset portfolio of Icade Healthcare Europe (IHE), for a total valuation of Icade’s stake in its Health Property Investment estimated to date at 2.6 billion euros, ANR NTA database as of December 31, 2022.
The first stage of the operation, which should be completed by the end of July 2023 at the latest, consists of the sale by Icade of Icade Santé shares for an amount of €1.4 billion, representing around 64% of its stake in Icade Santé, based ANR NTA at 31/12/2022. Furthermore, on the closing date, Primonial REIM would take over management of the portfolio.
Exceptional dividends in sight
The sale of the balance of Icade’s stake in Icade Santé should take place by the end of 2025, mainly to funds managed by Primonial REIM or investors identified by Primonial REIM, and on Icade Santé’s latest ANR NTA published at the relevant liquidity date.
With the materialization of this liquidity event, one of the group’s priorities for 2023, Icade thus crystallizes the value of Health Property Investment, and externalizes the amount of unrealized capital gains linked to its holdings in Icade Health and IHE (i.e. approximately 1.2 MdE), generating an obligation to distribute exceptional dividends of approximately 710 ME, distributable at the rate of disposals with a possible spread over 2 years.
This transaction would also allow Icade to generate significant cash to strengthen its balance sheet and enable it to seize growth opportunities…
“The EPRA NIY on the healthcare portfolio came out at 5% at the end of December, the EPRA NTA for Icade Santé standing at 100.3 euros” emphasizes Degroof Petercam who specifies: “We believe that the pricing in line with the latest net asset value is positive and consolidates the latest asset valuation. This will set the company on course for future growth.”
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