Icade Inaugurates 65 Housing Units in Épinay-sur-Seine, Marking the First Phase of the Orgemont Project
Icade inaugurated on Monday the Métamorphose program in Épinay-sur-Seine (93), consisting of 65 new housing units marking the first phase of the Orgemont neighborhood's redevelopment. This operation is part of a broader urban transformation project involving the city, Grand Paris Habitat, Icade, and Plaine Commune.
Less than two years after the start of construction, the Métamorphose program welcomes its first residents. Designed by architect Badia Berger, the complex includes 29 free-market collective housing units and 36 social housing units transferred to Grand Paris Habitat (CDC Habitat).
All housing units were sold upon delivery. The program complies with the RE2020 regulation and has achieved level 1 of the biosourced label. The operation incorporates reused materials in accordance with the Plaine Commune charter and has increased the presence of nature: 45% of the plot is now green, with one-third of it being open soil.
Transformation of the Orgemont Neighborhood Through 2040
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In the Orgemont neighborhood, which spans nearly 80 hectares, Icade and Grand Paris Habitat are coordinating their efforts to transform 2,500 housing units by 2040. CDC Habitat is undertaking the renovation of 1,102 housing units, while Icade plans to demolish 1,112 housing units and rebuild 1,300 by the same timeline.
Ultimately, the neighborhood will feature 67% free-market housing, 20% social rental housing, and 10% intermediate rental housing, across a floor area exceeding 90,000 m². Plaine Commune Développement is managing the public spaces and coordinating this transformation aimed at opening up the neighborhood and reintroducing social diversity.
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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