Icade sells 36 Mr. Bricolage stores to Tikehau Capital for EUR 126m
Icade and Tikehau Capital announce the signing of an agreement allowing the sale to Tikehau Capital of a portfolio of stores in the "Mr Bricolage" chain owned by Icade.
This portfolio, mostly acquired by Icade in early 2008, comprises 36 assets located throughout France. The transaction was carried out based on a value of EUR 126.2m excluding duties.
The sale of this portfolio generated considerable interest among investors. It reflects Tikehau Capital's ambition to refocus its historic investment activities on real-estate. It also allows Icade to withdraw entirely from the retail segment under advantageous financial conditions in line with its active asset rotation policy, with the main aim of concentrating on office and business park properties. The share of its non-strategic assets will be reduced to a very low level by 31 December 2014.
The acquisition was carried out by an OPPCI managed by Tikehau IM. Tikehau Capital is one of the shareholders in this vehicle, along with leading institutional partners.
Icade was assisted by Catella, which had been awarded a mandate to find a buyer.