Icade S.A.

This report does not constitute a rating action. Overview Key strengths Key risks A relatively large portfolio, with a gross asset value of €6.4 billion, mostly in offices (82%) and light industrial (11%). The cyclical nature of its property development arm, depending on interest rates and fiscal measures. A sound balance sheet, with an adjusted loan-to-value below 45% (44.6% at end-2024). Relatively high exposure to secondary locations in its office portfolio, with higher vacancy than other office players in Europe. Supportive liquidity, good access to capital markets, contained cost of debt, and well staggered debt maturities. Lengthy process regarding the monetization of its health care portfolio, with the market for transactions being less supportive. On its office property assets, Icade

...In our view, Icade S.A.'s operating performance should remain under pressure, both on the real estate portfolio and on the development activities. On its office property assets, Icade continues to benefit from a solid and diversified tenant portfolio. However, we view its vacancy level (close to 17% at end-March 2025 from 12.2% a year before) as a pressure point on operations. The level should improve somewhat with the signing of lease for the Pulse...

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