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Icade: share falls as property development weighs on Q1

( - On Monday Icade reported over a 12% fall in its Q1 revenues, with its property development division having particularly suffered from rising interest rates.

At end-March, the real estate company, whose reference shareholder is the Caisse des Dépôts, posted revenues of E296.6m, down from E337.7m a year earlier.

In detail, the limited decline of 2.8% in the real estate activity (rental income) was aggravated by the 16% drop in sales in the development division, particularly in residential property.

However, the company said that its disposal plan for 2023 was "well underway" following the signing of two sale agreements for over E100m for offices in Marseille.

The transaction brings the total volume of disposals committed for the year to almost E150m.

Following the payment of a dividend of E4.33 per share for FY 2022 year, paid entirely in cash, the amount of the exceptional dividend linked to the sale of Icade Santé will be specified in July.

After this quarterly publication, Icade shares fell by just over 1% on Monday in Paris, bringing the group's capitalisation to below E3.2bn.

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