Casino Group: Icade makes a first acquisition of 9 sites from Casino Group

Core Insights - Icade has successfully acquired the first 9 sites from Casino Group for a total of €32 million as part of a larger agreement to acquire 11 sites [1] - The acquired sites are located in various cities across France and have significant potential for redevelopment into mixed-use neighborhoods [1][2] - This acquisition aligns with Icade's strategic plan, ReShapE, aimed at building sustainable urban environments for the future [4] Group 1: Acquisition Details - The 9 acquired sites include car parks, undeveloped land, and business premises located in cities such as Marseille, Montpellier, and Angers [1] - The potential redevelopment could accommodate approximately 3,050 new housing units and 29,000 square meters of renovated retail space [2] - The remaining sites from the agreement are expected to be acquired in the second quarter of 2025 [7] Group 2: Strategic Implications - Icade's Ville en Vue solution will facilitate the transformation of these sites, emphasizing collaboration among stakeholders and expertise in spatial planning [4] - The partnership with CDC Habitat Group will enhance the development of the Marseille and Montpellier Sud sites [1] - Casino Group aims to leverage this transaction to reduce its financial debt and enhance its retail solutions as part of its Renouveau 2028 plan [6][7] Group 3: Company Profiles - Icade is a full-service real estate company with a portfolio worth €6.4 billion and an economic revenue of €1.2 billion in 2024 [8] - Casino Group operates the largest network of convenience stores in France, with net sales of €12.5 billion in 2024 [9]