The insurer Groupama will have benefited from a course the highest to divest itself of its participation 12.95% in the capital of the land Icade, which was reached on Monday, a summit of more than two years. It is the Crédit Agricole group, which was already a shareholder since 2013, to the tune of 5.69%, which was disbursed in approximately 715 million euro to resume its 9.5 million shares. The green Bank, through its subsidiary Crédit Agricole Assurances – the first insurer in France, CNP and Axa – became the second shareholder of Icade, with 18.5 per cent.
The Caisse des Dépôts remains the reference shareholder of Icade, with 38,99% of the share capital.
“With this transaction, Groupama is pursuing the policy of diversification of its financial assets, based on the good performance of the course of Icade, linked to the success of its new strategic plan,” said the insurer in a joint statement.
Icade has seen the value of its real estate assets grow by 6.2% in 2016 to $ 9.7 billion euros. Net income recurring increased by 8.7% to 296,8 million euros in the past year. The real estate subsidiary of the Caisse des Dépôts table on a cash flow current net growth of at least 4% in 2017.
“Shareholder history of Silicone, and then of the merged entity Icade-Silicone, Groupama has made a major contribution and vital to the Icade, which has become a land of first plan, performing operational and financial significantly on the rise,” points out the CDC in a press release.
On the other hand, while Groupama and the Caisse acted in concert, it is not here a question of a shareholders ‘ agreement between the bancassurance and the public institution. The CDC “welcomes” the strengthening of the capital of Crédit Agricole Assurances, which was “already involved in the governance” of Icade by sitting on the board of directors.
“This operation reinforces our commitment to the sides of the Icade of which we are the shareholders of the long-term for several years and reflects our confidence in the potential of the company, its strategy and its teams,” says Frederick Thomas, chief executive officer of Crédit Agricole Assurances, in a joint press release.