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Icade Takes Daimler Portfolio for $490M

BERLIN-Icade is waiting awaiting approval from the federal German antitrust authorities, which is expected in August 2006.

By Anita Howarth | Updated on July 19, 2006

BERLIN-French developer Icade has acquired a portfolio of property assets from DaimlerChrysler for euro 313 million ($490 million). The assets are located in the major German economic capitals, city centers, airport/city center motorways, and high-potential urban development zones.

This transaction has been approved by the Icade board of directors and the DaimlerChrysler supervisory board, and is awaiting approval from the federal German antitrust authorities, which is expected in August 2006.

The portfolio includes 160,610 sm of buildings, with 60,000 sm of vacant space which, according to a company statement, holds “strong commercialization potential in the short- to medium-term”. There is also 130 hectares of land with the potential to be developed into 268,500 sm of offices and 225,000 sm of housing.

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