Bulletin: French Property Company Icade Ratings And Outlook Not Affected By Announced Plans To Acquire ANF Immobilier

PARIS (S&P Global Ratings) July 24, 2017--S&P Global Ratings said today that its ratings and outlook on French property company Icade S.A. (BBB+/Stable/A-2) are not affected by the company's announced agreement to acquire France-based peer ANF Immobilier for a €409 million maximum purchase price (assuming 100% shareholder acceptance, on a group share basis). Icade plans to mostly finance the transaction with debt. ANF Immobilier's assets primarily comprise office assets (54% of its total gross rental income as of end-2016) that are mostly in good locations and leased to creditworthy tenants (including Adecco, Areva, and Alstom, among others), and we believe they are a good fit for Icade's asset profile. In our view, Icade's integration of ANF Immobilier's €0.5 billion target

...PARIS (S&P Global Ratings) July 24, 2017--S&P Global Ratings said today that its ratings and outlook on French property company Icade S.A. (###+/Stable/A-2) are not affected by the company's announced agreement to acquire France-based peer ANF Immobilier for a 409 million maximum purchase price (assuming 100% shareholder acceptance, on a group share basis). Icade plans to mostly finance the transaction with debt. ANF Immobilier's assets primarily comprise office assets (54% of its total gross rental income as of end-2016) that are mostly in good locations and leased to creditworthy tenants (including Adecco, Areva, and Alstom, among others), and we believe they are a good fit for Icade's asset profile. In our view, Icade's integration of ANF Immobilier's 0.5 billion target portfolio (on a group share basis) should strengthen the enlarged group's presence in cities such as Lyon (49% of ANF Immobilier's total portfolio value as of June 2017), Marseille (27%), Bordeaux (16%), Toulouse (4%),...

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