Posted on Sep 12, 2021 5:06 PMUpdated Sep 12, 2021, 5:23 PM
Work is health, doing nothing is keeping it? Icade, the listed real estate arm of Caisse des Dépôts, fortunately raises the bar for its healthcare real estate company.
This subsidiary, created in 2007, with 186 clinics and retirement homes, wants to exploit its potential for diversification outside France and outside short stays (respectively 94% and 77% of the portfolio excluding rights), at a time when consolidation is taking place. continues in Europe. The fundraising caressed is confirmed at 800 million euros in the registration document for listing on the Paris Stock Exchange.
It will make it possible to reduce the “LTV” debt ratio (net financial debts on real estate assets revalued excluding duties), to 30% against 36.6% at the end of June. This key indicator will remain in a 40-42% range during the 2021-2025 period, despite the ambitious plan of 3 billion euros of investments.
Ascent assumed
This assumed increase in leverage also makes it possible to target a growth rate in recurring net profit of 6% per year.
Even while remaining far behind the love ratings of the Belgian listed references Aedifica and Cofinimmo, with a premium of 40 to 80% on the revalued net asset called “net tangible asset” – NAV excluding rights and fair value of debt which is estimated at 3.78 billion at Icade -, the parent company can hope to give air to its subsidiary without anemic its own stock market course.
A noter
Icade Santé claims to be the leading player among listed healthcare real estate companies in Europe, with 6 billion euros in real estate assets (excluding rights) as of June 30, 2021.
The revalued net assets (ANR) which reflects only real estate activity is called the “ANR EPRA NTA” (for “European Public Real Estate Association” and “Net Tangible Assets”) in the jargon of listed real estate companies. It is calculated excluding the fair value of the fixed rate debt and excluding duties. It stood at 3.78 billion euros at the end of June for Icade.
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