Icade Acquires Full Ownership of Eqho Tower in La Défense with Over 8% Yield
Real estate group Icade has acquired the remaining 49% of the Eqho Tower held by South Korean investors, thus increasing its stake to 100% in this iconic office building in La Défense. The transaction, carried out under financially attractive conditions, values a yield of over 8%.
Icade completed the acquisition of the remaining 49% of the Eqho Tower, a SAS co-owned until July 13, 2026. This operation follows the lease renewal with KPMG and the signing of a new contract with the Hauts-de-Seine Prefecture in 2025, actions led by the group's asset management teams. The tower, fully leased since these renegotiations, now offers increased visibility on its rental income. With a total area of approximately 79,000 sqm spread over 42 floors, the building offers a wide range of services: a 330-seat auditorium, four restaurants, and the largest private fitness space in the business district.
Yield Exceeding 8%
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The acquisition generates a yield exceeding 8%, including taking into account the renewal of the KPMG lease. This operation will have a dilutive effect on the group's current net cash flow. Icade notes that the asset was already consolidated in full integration in its accounts prior to this acquisition. The tower benefits from a prime location and accessibility at the heart of La Défense, and boasts a high level of environmental certifications, including HQE Sustainable Building Excellent level and BREEAM In-Use Excellent level.
Confirmation de la guidance annuelle 2026 avec un CFNC Groupe attendu entre 2,90 € et 3,10 € par action
Risks mentioned
Baisse de valeur du patrimoine de -3,1 % à périmètre constant, dont -2,8 % sur les bureaux
Réversion négative attendue sur les renouvellements de baux, potentiel de -7,1 % sur les loyers faciaux
Coût moyen de la dette en hausse à 1,85 %, attendu à environ 2 % fin 2026 ; ICR dégradé à 3,8x
Opportunities identified
Promesse de vente des actifs de santé au Portugal, environ 75 M€ en quote-part Icade
Acquisition des 49 % de la Tour Eqho avec un rendement supérieur à 8 %, relutive sur le CFNC
Réservations résidentielles en hausse de 11,9 % en volume et 6,4 % en valeur
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
