Icade Renews Leases for 58,000 sqm of Office Space in Nanterre for 9 Years
Icade has renewed its three leases with a French insurance group for the Grands Axes real estate complex in Nanterre, covering 58,000 sqm of office space. The leases will take effect on January 1, 2028, with a firm commitment for 9 years.
Icade has renewed its three leases for the Grands Axes real estate complex, consisting of the buildings Axe 14, Axe 15, and Axe 16, located at the Terrasses de l'Arche in Nanterre. This transaction covers all office spaces, totaling 58,000 sqm, and is part of a partnership that began when the buildings were delivered in 2006. The leases will take effect on January 1, 2028, and come with a firm commitment of 9 years, reflecting, according to Icade, the renewed confidence of the insurance group in the quality and performance of this real estate ensemble.
Buildings Equipped with Services and Compliant with Environmental Standards
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The Grands Axes complex consists of three buildings not classified as High-Rise Buildings (IGH), interconnected by a bright interior street dotted with English courtyards. Occupants enjoy a comprehensive range of services including company restaurants, a public brasserie, cafeteria, concierge services, gym, and wellness area. The buildings hold BREEAM In Use Very Good and HQE Exploitation Very High Performance certifications. They already comply with the goals of the 2030 Tertiary Decree, which mandates a 40% reduction in energy consumption by 2030 compared to a reference year.
A Strategic Location at the Gates of La Défense
The real estate complex is located in Nanterre, immediately adjacent to the historic axis of La Défense. It benefits from direct connections to the RER A and E lines and a commercial offering at the base of the buildings. Audrey Camus, CEO of Icade, stated that this renewal 'confirms both the intrinsic quality of the assets, the relevance of their positioning within La Défense, and our ability to maintain a long-term partnership-based relationship with our clients.'
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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