Oddo maintains its 'outperform' rating on Icade shares, with an unchanged target price of 61 euros.

The research firm reports that Icade, the minority shareholders of Icade Santé and Primonial REIM announced yesterday evening the signature of an exclusivity agreement enabling Icade to definitively exit Foncière Santé by the end of 2025, based on a valuation to date of 2.6 billion euros.

A "1st step" should be carried out from June 2023 and by the end of July 2023, and consists of the sale by Icade of Icade Santé shares for 1.4 billion euros

According to Oddo, this transaction should enable Icade to reduce its debt significantly, and could reduce Icade's LTV ratio, including transfer duties, from 39.5% at the end of 2022 to around 31-33% after completion of the "1st step".

The cash generated could enable Icade to finance its future growth", says the broker.

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