Icade Promotion, Banque des Territoires, and Caisse d'Épargne Île‑de‑France Launch Evolution Habitat to Convert Vacant Offices
Icade Promotion, Banque des Territoires, and Caisse d'Épargne Île-de-France join forces on Tuesday to establish a joint investment vehicle aimed at transforming vacant office buildings into residential programs. This initiative addresses the housing market tensions in the Île-de-France region.
A Partnership to Address Office Surplus and Create Housing
The trio announces the creation of Evolution Habitat, an investment vehicle where Icade Promotion holds 40.8%, Banque des Territoires 39.2%, and Caisse d'Épargne Île-de-France 20%. The initiative targets the conversion of vacant and obsolete office buildings into residential programs, primarily in Île-de-France, facing a dual challenge: the region has over 6 million square meters of vacant office space while housing production remains insufficient to meet sustained demand.
The partnership aims to acquire these buildings, restructure them, and market them in the residential sector to accelerate their conversion. The three entities justify this initiative by the need to unite their expertise to address urban transformation solutions that isolated structures could not achieve on the necessary scale.
One to Two Annual Acquisitions Expected by Late 2026
Evolution Habitat has a three-year investment period, with a target pace of one to two acquisitions per year starting at the end of 2026. The vehicle aims to total the equivalent of 50,000 to 60,000 m² rehabilitated over this period. Initially, the interventions will concern Île-de-France on vacant office buildings or those at the end of their lease, with the possibility of expanding to other territories later.
The projects will cover a wide spectrum: free access housing, intermediate rental housing, social rental housing, Solidarity Real Estate Lease, as well as managed residences, hotels, and shops.
High Environmental Ambitions for Rehabilitation Operations
Beyond urban recycling, Evolution Habitat carries structured environmental ambitions. The projects will aim for NF Habitat HQE certification, BBCA Renovation and Effinergie Renovation labels, as well as carbon performance levels RE 2028/2031. The operations will promote the reuse of materials, de-impermeabilization of soils, and the development of soft mobility options.
