Icade transforms former postal sorting center into 72 homes in Saint-Nazaire
Icade Promotion and La Poste Immobilier inaugurate the L'Envol residence in Saint-Nazaire, resulting from the transformation of a former postal sorting center.
The project is part of the developer's strategy to give a second life to abandoned sites in city centers.
The L'Envol residence comprises 72 homes on Rue du Bois Savary, in the heart of Saint-Nazaire, over an area of more than 4,400 m² distributed among 5 collective buildings and 7 individual homes.
The program includes 33 homes for unrestricted ownership, including 7 houses, and 39 social rental housing acquired by Silene. It features a parking lot with 76 spaces in the basement, supplemented by 3 visitor spaces at ground level.
The main part of La Poste's building has been preserved and rehabilitated, with only the rear section demolished. Construction began in March 2022 and was completed with handover in spring 2026.
Renaturalization established as a structural axis
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Icade Promotion, supported by La Poste Immobilier in its role as delegated project owner, placed renaturalization at the heart of the project. Part of the parking lot was eliminated in favor of planted gardens and the planting of 33 trees.
The planted surface reaches 1,038 m², of which 28% is open-ground planting, and the renaturalization index (CBSH) increases from 0 to 0.18. Each home also has a private outdoor space.
According to François Valentin, Deputy General Manager of Icade Promotion, the project aims to "give a second life to abandoned sites to build quality living spaces, accessible to all and respectful of their environment".
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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