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Icade Full-Year Earnings Rise as French Home Completions Surge

Feb. 16 (Bloomberg) -- Icade SA, the company that plans to become France’s largest publicly traded office landlord, said profit before items rose 28 percent last year as completions rose at its homebuilding unit.

Earnings excluding disposals and one-time items, known as net current cash flow, increased to 223.5 million euros ($293 million), or 4.32 euros a share, the Paris-based company said today in a statement. A year earlier, Icade earned 175 million euros, or 3.43 euros a share.

Icade predicted “strong growth” in 2011 net current cash flow a year ago as it completed construction of apartments and homes pre-sold in 2010. The company plans to make a share offer next month for Silic SA, a landlord specialized in business parks in the Paris region, to become the country’s biggest office owner. Today it completed the next step in forming a venture with Groupama SA, Silic’s largest shareholder, that will own the largest stake in Icade following the takeover.

Icade fell 12 cents to 62.23 euros in Paris. The stock has gained 6.5 percent in the past three months, compared with more than a 10 percent gain for an index of French REITs compiled by Amsterdam-based Global Property Research.

In October, Icade said reservations and pre-sales of apartments and houses slowed in the first nine months as less-attractive tax breaks reduced demand from buyers of rental homes.

Icade forecast that net current cash flow will grow by more than 10 percent this year, fueled by its homebuilding arm and rental income from property investments.

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

To contact the editor responsible for this story: Ross Larsen in London at rlarsen2@bloomberg.net

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