Icade S.A. is a diversified real estate company operating as a French SIIC (Société Immobilière d'Investissement Cotée). The company's business model is divided into two main segments: Property Investment and Property Development. The Property Investment division manages a portfolio valued at approximately €6.4 billion, consisting primarily of office buildings, business parks, light industrial properties, and hotels, predominantly located in the Île-de-France region. This segment generates recurring revenue through long-term leases and active asset management. The Property Development division is engaged in the construction and sale of residential housing, commercial offices, and public amenities throughout France. While the development segment contributes the majority of the company's consolidated gross revenue, the investment portfolio drives the bulk of its earnings, cash flow, and net asset value. Historically, Icade was a major player in healthcare real estate through its subsidiary Icade Santé, but it strategically divested this business between 2023 and 2024 to refocus on its core commercial and residential operations. The company's primary shareholder is the French state-owned financial institution Caisse des Dépôts.
