...July 27, 2021 PARIS (S&P Global Ratings) July 27, 2021--S&P Global Ratings today said that Icade S.A.'s (###+/Stable/A-2) first-half (H1) 2021 results published July 26 shows strong development sales, slightly positive rental growth, and solid credit ratios. Icade continues to perform in line with our expectations, with 33.4% revenue growth as of June 30, 2021. The 11.8 billion French real estate company, operating in the office (48.4% of group's EBITDA in H1 2021), health care (46.2%), and property developments (5.4%) segments reported performance within our expectations (for more information, see "Icade Posts Resilient Rental Growth, Despite Challenges in The Office Sector," published Feb. 26, 2021, on RatingsDirect). Rental income is stable despite lower office occupancy, while revenue from residential development is booming. The addition of health care and office assets results in broadly stable rental income. As of June 30, 2021, Icade's rental income grew 0.5% like-for-like, with...
