This transformation is an extension of Akadea's operations, originally dedicated to real estate feasibility studies for the property and land portfolio of Poste Immo and created in 2009 by Icade Promotion and Poste Immo.
This new joint property development company is in line with the growth strategy of the two entities and will be 50% owned by each of them. It will operate autonomously and using its own resources, as a nationwide residential and commercial property developer.
The partnership is based on an equal and joint contribution (by Icade Promotion and Poste Immo) of land or assets which are intended to be transformed and sold.
In the long term, the joint company should also grow through the acquisition of land and the completion of development projects.
For the La Poste group and Poste Immo, the aim of this venture is to maximise the value created by its property portfolio in order to reinvest its profits in new postal service projects.
The partnership will allow Icade to showcase its expertise as a property developer to a major real estate owner and step up the implementation of Icade Promotion’s roadmap by growing its business.
This real estate entity will be driven by a commitment to territorial development and will support local authorities' spatial planning policies, in line with the values of proximity and corporate social responsibility embodied by both companies.
The final signing of these agreements is subject to satisfaction of several conditions precedent, including obtaining approval from the Competition Authority. The subsidiary is expected to be operational in the summer of 2017.
