Icade launches Emblème program in Toulouse: 177 housing units and 3,000 m² of offices
Icade laid the foundation stone for the Emblème program in the La Cartoucherie Eco-district in Toulouse, in co-promotion with GGL Groupe and alongside Promologis.
This operation illustrates Icade Promotion's positioning on mixed urban projects combining housing, offices and facilities.
A mixed complex of three buildings in La Cartoucherie
The Emblème program brings together three residential buildings of 9, 13 and 15 storeys, organized around a green courtyard, within the La Cartoucherie Eco-district in Toulouse.
The housing units rest on a base housing office space and a sports facility. The entire complex represents a total floor area of 16,102 m², of which 11,286 m² of housing.
The program comprises 177 housing units ranging from 2 to 5 rooms, of which 149 sold in bulk to Promologis (39 social rental units, 45 intermediate housing units and 65 affordable housing units under the PSLA scheme) and 28 units for free-market purchase. It also includes 3,000 m² of offices (Emblème Unity Hub), a 1,820 m² sports facility operated by Basic-Fit and 161 parking spaces under lease agreement.
A partnership formed following the purchase of Essor's stakes
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The project is the result of a partnership between Icade and GGL Groupe. Following Icade's acquisition of Essor's stakes in December 2025, Icade joined GGL Groupe as co-promoter.
The housing component (Emblème Life&View) meets the requirements of the 2028 threshold of the RE2020 environmental regulations and is certified NF Habitat HQE 7 stars. The office section (Emblème Unity Hub) is certified BREEAM Very Good and labeled E3/C1 under the Positive Energy & Carbon Reduction benchmark.
According to Charles-Emmanuel Kühne, Chief Executive Officer of Icade Promotion, the operation demonstrates the group's ability to intervene in co-promotion on complex projects and is consistent with its vision of responsible real estate serving territories.
Dans ce contexte, le Groupe est prudent et communiquera sa guidance pour l'exercice 2027 lors de la publication des résultats annuels
Risks mentioned
Environnement économique et financier dégradé, marqué par la persistance des conflits au Moyen-Orient
Climat politique incertain en France et remontée significative des taux d'intérêt
Ralentissement du marché immobilier avec attentisme des acquéreurs et des utilisateurs
Opportunities identified
Cession de l'immeuble Marignan générant une plus-value de 255 millions d'euros
Acquisition de Comet, acteur de l'événementiel corporate, pour développer la transformation digitale
Partenariat avec la Banque des Territoires pour investir 240 millions d'euros dans les résidences étudiantes
Outlook / guidance
Management commentary: Icade confirme son objectif de Cash-Flow Net Courant Groupe pour 2026, attendu entre 2,90 € et 3,10 € par action
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
