Icade Inaugurates 142 Housing Units in Cognin and Rolls Out Its Solidarity Real Lease
This Friday, the real estate group is inaugurating Les Demeures de Gaïa in Cognin (Savoie), a complex of 142 housing units built on a mixed model combining freehold, social rental, and affordable property access through its solidarity land organization, founded in 2023.
A 142-Housing Unit Project in a Social Diversity Dynamic
The Les Demeures de Gaïa residence, inaugurated today in the heart of the Villeneuve eco-district at the gates of Chambéry, includes 142 housing units divided among several segments: 28 social housing units acquired by OPAC Savoie, 24 intermediate rental units sold to INLI, 28 units under the Solidarity Real Lease marketed through Icade Pierre Pour Tous (the group's solidarity land organization), and 62 units for freehold purchase. This ensemble marks the first deployment of the Solidarity Real Lease by Icade through its dedicated structure, operationalizing the model launched in 2023. All of these BRS housing units have been commercialized, according to the group, confirming the viability of the model in a tense zone.
A Bioclimatic Building Meeting Anticipated Environmental Standards
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The complex has anticipated the 2025 regulatory threshold of the RE2020 standard since 2022. The building is connected to the urban heating network and has achieved the 'Level 2 Biosourced Building' label, thanks in particular to wood-framed facades and wood wool insulation. The residence is part of the Villeneuve eco-district, offering residents an urban setting arranged around pedestrian pathways, preserved green spaces, natural water management, and places for socializing (community gardens, grassy squares, compost bins).
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
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