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Primonial REIM buys Icade healthcare portfolio for €2.6b
French property company Icade, the minority shareholders of Icade Santé, and Primonial REIM have signed an exclusivity agreement relating to the liquidity of Icade's stake in Icade Santé and the organization of the disposal of the portfolio of assets of Icade Healthcare Europe (IHE) for a total valuation of Icade's stake in its health property investment estimated to date at €2.6 billion ($2.7 billion), representing approximately 64 percent of its stake in Icade.
On the closing, Primonial REIM would take over management of the portfolio.
The sale will reduce debt and help Icade strengthen its balance sheet and seize potential growth opportunities.