Emmanuelle Baboulin
Executive Committee member in charge of the Commercial Property Investment Division
Charles-Emmanuel Kühne
Executive Committee member in charge of the Property Development Division
Emmanuelle Baboulin
Executive Committee member in charge of the Commercial Property Investment Division
Charles-Emmanuel Kühne
Executive Committee member in charge of the Property Development Division
Emmanuelle Baboulin
Executive Committee member in charge of the Commercial Property Investment Division
Charles-Emmanuel Kühne
Executive Committee member in charge of the Property Development Division
Emmanuelle Baboulin
Executive Committee member in charge of the Commercial Property Investment Division
Charles-Emmanuel Kühne
Executive Committee member in charge of the Property Development Division
Emmanuelle Baboulin
Executive Committee member in charge of the Commercial Property Investment Division
Charles-Emmanuel Kühne
Executive Committee member in charge of the Commercial Property Investment Division
« Rising interest rates and, above all, the lack of visibility have put us under considerable pressure, weighing on the valuation of our assets and our tenants’ balance sheets. To this must be added the profound changes in the way we work, with the rise of teleworking and a rethink by tenants of their property strategy with a view to saving on costs. Our job, therefore, was to help them think through the financial, urban development and energy performance aspects of their project. Tenants increasingly want to avoid handling things directly, hence the launch of our Icade Solutions package of services. »
« In the residential property market, we adapted by selling a portion of our housing units in bulk to institutional investors. The rise in interest rates has significantly reduced the ability of households to borrow and buy homes. This year, almost 68% of housing orders related to bulk sales, compared with 50%-55% in previous years. As for the sale of housing units to individual buyers, whether investors or owner-occupiers, we have adapted our prices in line with the market. We have also been much more selective when committing to development projects. Ultimately, adaptability, agility and responsiveness have been the keywords for our activities. »
« In terms of our leasing activity, we had a record year, up +22% on 2022, with 130 leases signed or renewed covering 243,000 sq.m, including 44with new tenants. The number of renewals shows our ability to retain tenants despite the extremely competitive environment. The introduction of Icade Solutions, which allows us to help tenants rethink their workspaces, is a way of differentiating ourselves in the market. Our Net Promoter Score, which measures our customers’ level of satisfaction, increased from +8 in 2022 to +14 in 2023. Our investment performance was also very solid, with the sale on very favourable terms of two assets in Marseille (Grand Central and Eko Active) and the completion of a turnkey building (MFactory), also in Marseille. »
« Our performance reflects the state of the market: -13% in volume terms and orders down -7% in value terms. However, based on the market trend announced by the French Federation of Real Estate Developers (FPI) and taking our competitors as a benchmark, we have significantly outperformed the market. The FPI’s figures show that orders for new homes fell by 26% compared with 2022, twice our figure. Despite this, we achieved a significant sale in the commercial property segment outside the Paris region, namely the 19,000-sq.m Osmose building. In total, we had orders for 5,256 homes, with revenue up 3%. »
« In fact, our environmental goals speak in favour of our attractiveness, since they meet our tenants’ own requirements. Our leases with climate criteria, for example, aim to improve our buildings’ energy performance in collaboration with our tenants, which also allows them to reduce their energy costs. »
« Performance and environmental objectives are, in my view, inseparable. Being economically successful doesn’t mean giving up on the environment. Neither Icade nor Icade Promotion hold this view. In fact, alongside Redman, we won a project launched by the Cities Climate Leadership Group (C40) to refurbish the Guillot-Bourdeix tower in Lyon in line with the highest environmental standards. The future Jallère district in Bordeaux-Lac will have avery positive impact on the environment, with the project putting nature at the heart of the site. Similarly, our project to build a new district in Blagnac (Haute-Garonne) also meets very high environmental standards, thanks in particular to the work of Urbain des Bois. We aim to reduce our carbon emissions by 41% by 2030. By the end of 2023, we had already reduced them by 12% »
« Icade’s ownership structure, with Caisse des Dépôts as its leading shareholder, gives it clear legitimacy, as well as an image of integrity and a solid financial standing. Our Group has a strong reputation and is recognised in the market. We owe this to the range of skills available in-house and to the synergy between our two business lines, which enable us to offer customers varied and innovative solutions »
« Strong collaboration between our business lines, namely Property Development and Property Investment, is a real asset, and forms part of ReShapE, our plan to build the city of 2050. This integrated model ensures our credibility. Setting ourselves the goal to build the city of 2050 means not only designing and managing projects, but also being owner and operator, as with the Property Investment Division. The complementary nature of the two business lines reflects trends in the real estate sector. Furthermore, having Caisse des Dépôts as our leading shareholder gives us significant credibility with local authorities and communities. »
« Our top priority is, of course, to secure tenants for our properties and sign leases offering solutions that meet tenant expectations. Another priority is to convert a certain number of buildings no longer suited to office use into hotels or student residences. Lastly, we’ll continue to diversify into light industrial premises and data centers, among others. »
« We’re in a very uncertain market environment, one that is likely to last. The priority is to be able to reinvent ourselves and transform the way we operate, while continuing to deliver our projects as effectively as possible, without giving up on the environment. The message for 2024 is to believe in ourselves and in our ability to stay the course and implement our ambitious ReShapE strategic plan, which will generate a lot of pride. »
