Groupama sells Icade stake for €715m

French insurer Groupama has sold its 12.95 percent stake in Paris-based REIT Icade to Crédit Agricole Assurances for €715 million ($797 million).

Crédit Agricole Assurances strengthens its participation in Icade’s share capital, in which it has been a shareholder since 2013. With an 18.5 percent stake post transaction, Crédit Agricole Assurances demonstrates its commitment to Icade and its confidence in the company’s teams and value creation potential.

The transaction has been approved by the boards of directors of Groupama and Crédit Agricole Assurances.