Icade Raises $329 Million From Sale of Stake in Health-Care Unit

Icade SA (ICAD), the company that’s bidding to become France’s largest publicly traded office landlord by taking over Silic SA, raised 250 million euros ($329 million) by selling a stake in its health-care unit to a group of insurers.

The insurance divisions of Credit Agricole SA (ACA) and BNP Paribas SA (BNP) bought new shares equivalent to a 21 percent stake in Icade Sante, according to a statement today from Icade, the company’s Paris-based parent. Icade will retain a 69 percent stake.

Icade Sante owns 44 properties, including homes for the elderly, clinics and hospitals, leased by six medical operators. The buildings are valued at more than 1.3 billion euros, according to the statement.

Icade advanced 37 cents, or 0.6 percent, to 64.72 euros at 9:06 a.m. in Paris. That lifted the value of the company to 3.4 billion euros.

To contact the reporter on this story: Simon Packard in London at packard@bloomberg.net.

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net.

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