Icade, the real estate subsidiary of Caisse des dépôts, generated turnover of 1.17 billion euros in the third quarter of 2022, up 3.4% over one year, despite a slowdown in its developer activity.
The group, both a promoter and landlord of offices and healthcare, is maintaining its objectives for the end of the year, which include paying its shareholders a dividend up 3 to 4%.
Its development division, which saw its turnover increase (+3.6% to 734 million euros), suffered on the other hand from the rise in interest rates and construction costs.
Interest rates have increased significantly since the beginning of the year and therefore we have slowed down our investment program, its managing director, Olivier Wigniolle, told AFP.
What we managed was the rise in construction costs, he added. Negotiating a works contract takes longer. It is a reality. Reaching an agreement with construction companies for work is more complicated than a year ago.
The health property branch, which collects rents from health establishments (clinics, nursing homes, etc.), saw its rental income rise by 12%, due in particular to acquisitions in France and abroad (Portugal, Italy , Germany, Spain).
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On the other hand, they fell (by 1.6%) for the tertiary property branch.