Icade will “probably not” list its health subsidiary on the stock market

Icade, real estate subsidiary of the Caisse des dépôts et consignations (CDC), will “probably not” list its health subsidiary on the stock market, and is instead considering other means of raising funds, its managing director told AFP. Olivier Wigniolle.

In its annual results press release, the real estate company specializing in the tertiary and health sector explains “actively pursuing its reflections on the liquidity of its subsidiary Icade Santé”, which has more than 200 health establishments (clinics, retirement homes) in France, Germany, Italy, Spain and Portugal.

After an attempted IPO in 2021, which the group had then postponed, judging the market to be too unfavorable, Icade Santé is now considering “different scenarios” to finance its growth.

This will not be done “not necessarily, and I would even say probably not, in the form of an IPO” (IPO, editor’s note), Olivier Wigniolle told AFP.

“We can bring in investors on a private basis rather than on a public basis as we had imagined, we can imagine selling part of our stake, we can imagine getting closer to other players in healthcare real estate… “, he detailed.

Olivier Wigniolle, who joined the general management of the group in 2015, will leave his post in the spring.

The name of his successor will be known no later than the group’s general meeting on April 21.

In 2022, the Icade group, whose activity is divided into three branches (developer, tertiary real estate and healthcare real estate), slightly exceeded its annual results objectives.

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Its net current cash flow per share, the indicator it uses to establish its objectives, rose by 5.9%, more than the 4% growth expected. That of health real estate rose by 6.6%, against 6% expected.

The dividend proposed to its shareholders will be 4.33 euros, i.e. 3.1% more than in 2021, an increase in the lower range of the announced objective (between 3 and 4%).

Its turnover increased by 11.4%, to 1.74 billion euros, driven by the growth in its developer income and rents collected by the health subsidiary.

The net result, less representative of the performance of a real estate company, plummeted by 80%, to 54.1 million euros, due to the drop in value of its assets.

source site-96