Icade Sells Marignan Building on the Champs-Élysées for €402M
Icade completed the sale of the Marignan building, located at 29-33 Avenue des Champs-Élysées in Paris, to Black Swan Real Estate Capital acting on behalf of funds managed by Bain Capital and Revcap on April 9, 2026. This transaction, amounting to €402M, followed the signing of the promise in December 2025.
Historical Value and Competitive Bidding
The Marignan building, dating back to the 1930s, includes 7 floors with a total area of over 12,000 sqm, divided between 7,300 sqm of office space and 4,800 sqm of commercial space. The divestment process, initiated in the summer of 2025, was conducted through a competitive bidding. The crystallized value reached €33,000 per sqm (combining offices and retail), representing a premium of over 20% compared to the NAV as of December 31, 2024.
Strategic Implications of the Sale
According to Nicolas Joly, CEO of Icade, this divestiture followed the securing of the restructuring project, the vacating of the building, and the acquisition of all necessary administrative authorizations. The group indicates that this transaction allows for the optimization of its capital allocation, strengthening of its financial structure, and the continued implementation of its strategic plan ReShapE.
