The potential value of an assignment is important

A project of real estate assignment of exceptional out cartons. The Board of Directors of Icade, a subsidiary of the Caisse des Dépôts and Consignations (CDC), rated the land gave mandate to the President and CEO, Serge Grzybowski, to "explore the assignment of all of the pole housing to one or more investors, including social, based on the values of expertise", said society real estate Friday in a news release. It's a rental fleet of 34,000 intermediate units in first Paris Crown. Icade, which covered the range of assets and real estate activities, so far is that maintaining tertiary real estate (offices, shopping malls, clinics etc). "We sold about 3,000 housing units in 2007 and almost 5,000 in 2008; We can therefore go further, said Serge Grzybowski. Dwellings are in low-yield net assets, ours is between 3 and 3.5, whereas it may be greater than 6.5 in the tertiary estate. "In addition, the reversal of the market makes timely to reinvest a portion of the proceeds of the sale in the area of offices", or even to win there Prize assets giveaway. "Our goal is to achieve a share of real estate of health from 10 to 15 of the portfolio, about 60 of offices", continues Serge Grzybowski.

For observers of the real estate sector, this assignment has meaning. "Icade is one of the last land to be present in the dwelling, others are output, says Emmanuel Parot in Gilbert Dupont.". Moreover, the value of expertise of its rental fleet, grouped in the land, stood at end of June to EUR 2.9 billion, 386 billion book value. The potential value of an assignment is important. "However,"announced reinvestment in 2009 is risky in view of the risks of overproduction of offices, where the crisis does not stop quickly, note a player in the housing. "The reason for the assignment is probably more pressure exerted by the principal shareholder of Icade, the Caisse des Dépôts et Consignations, which has need of cash." 50 of the added value of assignment will be distributed to shareholders, as required by the status of publicly traded real estate investment company which enjoys Icade.

Very moderate rent

This, assuming that a transaction of this size is one or more payees. Crisis forces, private actors have neither the desire nor financial means. "The project is essentially social landlords," said Serge Grzybowski. Housing agencies resources are not more or less good health of the real estate market and several social landlords have the size and the means necessary to achieve this type of acquisition (the Opac du Val-de-Marne 3F, Batigère, housing French...). The rest, some had already watched the record in the spring, Icade did not being to his first ground survey.

They expect their time because the Park has assets. Housing lie in first Paris Crown, with very moderate rents (from 7.5 to 8 euros per square metre) to enable a social landlord of the conventionner into as and as social housing tenants changes (or before if their incomes fall below the required resources ceiling).

In addition, independent expertise, which will set the value at end of December of the park for sale, should be significantly less than the value at end of June and, as the decline in home prices expected to continue, the sniper candidates know time is for them.