on ICADE (EPA:ICAD)
Casino Group Signs €50m Property Sale Agreement with Icade
Casino Group has announced a binding agreement to sell a property portfolio to Icade Promotion for €50 million. The portfolio includes locations in 11 areas, featuring car parks, undeveloped land, and premises with potential for conversion.
In this transaction, Casino Group aims to reduce its financial debt, specifically targeting bondholders of its subsidiary Quatrim. The sale aligns with Casino’s Renouveau 2028 strategy, focusing on selling non-strategic assets to cut debt while enhancing brand expansion and location value.
For Icade, the agreement supports its ReShapE strategic plan. Utilizing its Ville En Vue solution, Icade plans to transform the acquired sites into mixed-use neighborhoods, potentially developing 3,500 housing units and over 50,000 sq.m of retail space.
R. E.
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