1. Our vision for
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ANNUAL REPORT – 2012 REFERENCE DOCUMENT

2. Summary
Annual Report – 2012 Reference Document
Part 1: Corporate
Part 2: Financial and legal report
01 / All about Icade
01 Profile
02 Businesses
03 Highlights
02 / We bring life to the city
08 Interview with Serge Grzybowski
12 The expanding city
24 The welcoming city
34 The innovating city
03 / Businesses and results
42 Property Investment: a proven model
45 Property Development: a backlog maintained in a difficult environment
47 Services: a streamlined scope
48 2012 key figures: a sharp rise in net current cash flow (+13%)
04 / Transparency, responsibility, commitment
53 Management Committees
54 The Board of Directors
56 Leveraging talents at Icade
58 A word from 4... employees
05 / Figures and key information
62 Consolidated income statement and balance sheet
65 Shareholders
66 Simplified organization chart
67 Property assets
In the CD-Rom at the end of this document
you will find the whole of part 2: financial and legal report

3. 3URILOH
As a listed real estate company and a subsidiary of Caisse des Dépôts,
Icade combines the best of the private and public sectors.
As a commercial property investment company investing mainly
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institutional clients a consultancy and property management service.
It is this wide-ranging expertise that allows it to cater for all of its
clients’ property and urban development projects.
6ROLGLW 2SHQQHVV Convictions
As a leading commercial Icade is active in every For us boldness and
property investment type of urban property: solidarity lead to a
company and national RƸFHV EXVLQHVV SDUNV strong performance.
developer, Icade is a key shopping centres, public We are innovative in
partner of the public amenities, healthcare our technical decisions
authorities and private facilities and residential and bold in our urban
real estate operators. property. development approach,
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Icade has operations just city built on solidarity
throughout Mainland and in which every
France. generation has its place.
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4. Businesses
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to all of its clients’ needs and cater for every type of urban
development project. This wide-ranging expertise makes
us a leading developer of complex urban projects.
3URSHUW 3URSHUW Services
,QYHVWPHQW 'HYHORSPHQW Icade provides its expertise
and guides its clients through
Icade has a portfolio of ,FDGH EXLOGV RƸFHV KRXVLQJ
its consultancy and property
outstanding property assets, units, shopping centres
management activity.
LQFOXGLQJ RƸFHV EXVLQHVV and public and healthcare
parks, shopping centres, amenities.
and clinics.
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5. PARTIE / 6286 3$57,(
ICADE in 2012
HIGHLIGHTS
-DQXDU Many projects were completed in
2012 in every business. Let’s take
a look at 12 months of highlights,
IURP RXU ƶUVW %,+20(® housing
program to the opening up of Icade
Santé to investors.
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Two audiovisual companies have signed 9-year leases
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Endemol is the leading French producer of programs
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in building 521 of Les Portes de Paris in Aubervilliers,
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company, the sports television station BeinSport,
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ƷRRU VSDFH RI bP2 within the Factory building,
designed by the Catalan architect Josep Lluis Mateo.
The two buildings are labelled HQE® (Haute Qualité 1HZ SKDVH LQ WKH FRPELQLQJ
Environnementale - High Environmental Quality). RI ,FDGH DQG 6LOLF
The authorizing of the combining of Icade
and Silic, a specialist in rental business parks,
by the French Competition Authority on
13 February 2012, has allowed Caisse des
Dépôts to acquire a majority stake in Silic
through the holding company HoldCo SIIC.
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,FDGH DQG WKH 0LQLVWªUH GH OD -XVWLFH KDYH FRQƶUPHG WKH PRYLQJ RI SDUW RI WKH 0LQLVWUšV VWDƵ
to the Millénaire 3 building, in 2015, through the signing of both a lease and a promise to buy.
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Icade and the Ministère de la Justice. 3

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In April 2012, Icade completed a capital increase for its
subsidiary Icade Santé. This involved a total of €250 million,
reserved for three institutional investors, the main ones
being Crédit Agricole Assurances and BNP Paribas Cardif.
Each insurer has invested through its own real estate
investment vehicle approved for this purpose. At the end of
2012 a new capital increase was also subscribed by a new
institutional investor, Groupe Macif.
June
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On 29 June 2012, the Cité Sanitaire healthcare complex
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the property world. It was the second largest public-private
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It also performs highly environmentally: priority was given to
renewable energy by opting for a biomass heating system
for the production of heat for the site and the installing of
solar panels for domestic hot water production. The complex
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Launch of BIHOME® LQ /RQ
For several months Icade’s teams studied family, social and
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expectations, to devise an appropriate real estate solution. This
was achieved with the launch in June of BIHOME®, an apartment
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maintaining the independence of each person. BIHOME®
apartments cater for several types of living patterns and adapt over
time to the lifestyle of their occupants. Three BIHOME® projects
are already under way in Greater Lyon.
4

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On 3 July, Pushed Slab entered its construction phase.
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Rives de Paris, with delivery scheduled for February 2014, is
plot A of the future environmentally-friendly district of the Zac
de la Gare de Rungis. Pushed Slab was designed by the architect
Winy Maas. It will be HQE®FHUWLƶHG ODEHOOHG %%® and meet
the requirements of the city of Paris Climate Plan.
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The Parc des
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On September 21, Icade and the
mayor of Cergy-Pontoise signed
a “HQE® Urban development”
agreement for the Parc
des Closbilles project. 7KLV bPt
mixed program is particularly
ambitious in its application of
sustainable development on the scale
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Icade Santé is buying three new clinics in the DPELWLRQ GULYHQ E ,FDGH LV UHƷHFWHG
Languedoc-Roussillon region. The operator, Clinipôle, in the measures it has taken to obtain
is a major private healthcare player in the region, FHUWLƶFDWLRQ DQG ODEHOOLQJ VXFK DV 1)
RSHUDWLQJ bIDFLOLWLHV ,FDGH 6DQW« LV WKHUHIRUH logement, HQE®, BBC® (ƸQHUJLH DQG
continuing its development by establishing itself in HE and Qualitel.
a region where it wasn’t previously active.
5

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the start of a new era!
On December 18, 2012, Serge Grzybowski and the
elected representatives of Plaine Commune opened
the metro station Front Populaire, which extends
line 12 into the heart of Aubervilliers. After 78 years
of waiting and 4 years of work, this event marks the
start of a new era for North East Paris, which is now
served by the metro and the T3 Tramway, which was
launched two days earlier.
At the end of 2013, works will begin on the new
extension of line 12, with two new stations named
Aimé Césaire and Mairie d’Aubervilliers. 0DUVHLOOHV VHHV %OXH
Bleu Capelette is the name of
the future leisure, cinema and
shopping complex that is the
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7KURXJKRXW the northern districts of Marseilles.
Jointly developed by Icade and
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have 80 shops, a new “Auchan
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is scheduled for 2015.
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9. Thanks to an active letting policy following the departure
of SCOR, Icade has signed several leases, notably
with the CAC 40 companies Total and EDF (ERDF),
bringing the building’s occupancy rate to 98%.
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Tour EQHO. Courbevoie-La Défense (92).
Architects: Hubert et Roy.
7
Architects who designed the original tower:
F. Urquijo, G. Macola et J. Willerval.

11. ICADE / $118$/ 5(3257 Ş 5()(5(1( '280(17
INTERVIEW WITH
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CHAIRMAN
AND CEO OF ICADE
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it is thanks to
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12. :( %5,1* /,)( 72 7+( ,7 ,17(59,(: :,7+ 7+( +$,50$1 $1' (2
+RZ ZRXOG RX DVVHVV This year has called for discernment, a fighting
spirit and internal cohesion. Thanks to our teams’
6HUJH *U]ERZVNL As a promise kept!
constant efforts, our ability to give priority to
We announced double-digit cash flow growth
quality over quantity in our choice of investments,
in 2012, and we achieved this, despite a difficult
our management of the risks relating to our
economic environment. If this year met our
developments and excellent relationships with our
expectations, it is thanks to the effectiveness
clients, banking partners and shareholders, Icade
of our property investment development model
was able to stay on course in 2012.
and the continuing of our strategy of refocusing
Icade’s activities on the commercial property sector.
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This year more than any other has shown the
solidity of our financial structure, with a fall 6* In a still uncertain market, we are
in the average cost of debt, the extending approaching this new year with realism
of its maturity and the diversification of our and confidence.
sources of funding. 2012 also saw the active )RU ,FDGH ZLOO DERYH DOO EH D HDU RI
letting of our commercial buildings and the consolidating the industrial and financial logic
continued development of our portfolio of of Icade/Silic, with whom we are planning
clinics, which makes Icade Santé the leading to combine in the coming months. This new
)UHQFK KHDOWKFDUH SURSHUW LQYHVWRU ZLWK combined entity will be the leading office
bFOLQLFV RZQHG ZRUWK PRUH WKDQ ſbELOOLRQ property investment company in the Paris region,
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decided to open it up to 4 major life insurance bPLOOLRQbPt RI ODQG UHVHUYHV WR EH GHYHORSHG
partners. Strategically, this diversification is over the long term. This change in scale will
helping to generate major cash flow for Icade, confirm the effectiveness of our model, thanks
allowing it to finance new commercial property to the coherence of the businesses operated
developments. by Icade and Silic. We complement each other
Another strength is the refocusing of our geographically and will have a strong presence
retail property development activity on block LQ WKH bPDMRU GHYHORSPHQW ]RQHV LQ WKH 3DULV
sales, which has ensured that sales and the region, with a diverse offer of existing products or
backlog have held up well despite an uncertain products to be developed, allowing us to offer our
environment. clients made-to-measure property solutions.
9

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Ũ The T3 Tramway connects Porte de la Chapelle
to Porte de Vincennes with a stop at Porte
d’Aubervilliers.
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Front populaire metro station.
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(Eole) line, will serve Porte d’Aubervilliers.
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tions “Aimé Césaire” and “Mairie d’Aubervilliers”.
T3 tramway.
River shuttles.
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11

15. ICADE / $118$/ 5(3257 Ş 5()(5(1( '280(17
The
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Le Millénaire. Paris (75).

16. :( %5,1* /,)( 72 7+( ,7 / THE EXPANDING CITY
Is economic development compatible with
a virtuous and sustainable approach to real
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Icade is a forward-looking property
investment company making an expert
contribution to the issues raised by the
expansion of the city.
A s the point of convergence between people and
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of the population. This trend is continuing to pick
up pace and real estate operators must be sure
to combine urban development with economic
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living conditions for residents and employees.
We are experimenting, innovating and creating new ways to
develop cities.
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North East of Paris.
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become synonymous with the vibrancy of North East Paris. These
constantly changing districts are being reinvented and developed
as users’ needs change. Around a hundred private and public
enterprises are now contributing to the exceptional economic vitality
of our region.
Tomorrow, as part of the development project for the Paris region,
Icade is preparing to play the role of contributor of innovative
solutions. The combining of Icade with the commercial property
group Silic opens up the prospect of a potential two million square
metres to be developed, according to demand.
65 )286
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have been HQE® FHUWLƶHG DQG ODEHOOHG %%®.
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17. ICADE / $118$/ 5(3257 Ş 5()(5(1( '280(17
Les Portes de Paris
Icade has been able to bring economic, social and environmental
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experiment and an urban renewal model.
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renewal of an industrial district in line with the highest sustainable
development standards.
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Pt DQG ODQG UHVHUYHV DYDLODEOH IRU QHZ GHYHORSPHQWV
Icade has contributed to the economic revitalisation of North East
Paris. Ideally sited at the gateway to Paris, these business parks are
strategically located closed to major road hubs and public transport
stations that serve the capital and its outskirts through a varied and
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river shuttles and Vélib’).
Environmental renewal: Icade has succesfully renovated an
architectural legacy loaded with history in keeping with the highest
environmental standards. Whether it is restructuring existing
buildings or developing new ones, each of Icade’s projects are
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WKH %%® renovations label Rénovation pour les réhabilitations and
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Inter-company restaurant “Le Millénaire”.
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a range of shops, services and recreational facilities that make users’
everyday existence easier. Inter-company restaurants, cafeterias,
sports halls, concierge services and creches have been set up to
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LES PORTES DE PARIS COMPRISES:
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Le Millénaire

18. :( %5,1* /,)( 72 7+( ,7 / THE EXPANDING CITY
Le Beauvaisis: Paris (75)
Architect: CALQ.
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Le Pont de Flandre. Paris (75).
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TV Studio
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Le Millénaire 3. Paris (75).
Architect KPF
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Le Millénaire 3. View from the ring road. Paris (75).
17

23. A WORD FROM…
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“We were put in touch with Icade, which was designing the building
that we have occupied since. We were able to very actively participate
in the design process and were present alongside Icade throughout
its construction.”
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A large central hall opens onto the complex, providing reception and
relaxation areas.
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The reasons for this choice were the reasonable rent and the ac-
cessibility of the site, by metro, bus, car, tramway and soon the RER, “We have expanded a lot over the last ten
which is much appreciated by our employees. “2XU HPSORHHV years. This site has allowed us to adapt the
also appreciate the green spaces that make the site more pleas- VXUIDFH DUHD RI RXU KHDG RƸFH DFFRUGLQJO
ant and services such as the company creche, restaurants and
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cafeterias. It’s all within reach, without having to leave.” When it
FRPHV WR VKRSV WKH QHDUE DYHQXH GH )ODQGUH RƵHUV DFFHVV WR additional buildings.
all sorts of shops and stores, which is very handy for shopping. We made this decision as we plan to stay
“The fact that the site is secure 24/7 also gives us all peace of mind!”, at the Pont de Flandre site for a long time.”
concludes Jocelyne Rivet.
18

24. :( %5,1* /,)( 72 7+( ,7 / THE EXPANDING CITY
P
7KH KHDG RƸFH RI 4XLFN
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to be near to new partners in the capital. We also wanted to bring all
of our activities together within the same property complex” explains
*LOOHV 7LVVDXG +HDG RI *HQHUDO 6HUYLFHV IRU WKH KHDG RƸFH
$ ZHOO ORFDWHG VLWH
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economically vibrant city on the move. The close access to roads
DQG SXEOLF WUDQVSRUW DOVR RƵHUHG DGYDQWDJHV ţWe wanted to remain
in the same department for the convience of our employees. We
appreciated the access to the A1 motorway and the site is very well
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stops and Vélib’ stations, as well as Icade’s free shuttles.”
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The quality of the architecture played a central role in the decision
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style in the 19th century, was initially a Parisian bread store. The Eif- ţ7KHUHšV WKH ORFDWLRQ WKH VHUYLFHV DQG DOVR
fel framework was retained, as were the gritstone exteriors. It now WKH EXLOGLQJ LWVHOI 7KH ZHOOSUHVHUYHG (LƵHO
SURYLGHV SUHPLVHV PHDVXULQJ bP2 LQFOXGLQJ bP2 RI RƸFHV architecture and the gritstone frontage
bP2 RI WHVW NLWFKHQV DQG bP2 dedicated to the company’s PDNH LW DWWUDFWLYH DQG LW LV RQH RI WKH RQO
in-house training centre.
buildings of this type to have kept its initial
0DGHWRPHDVXUH VHUYLFHV shape despite several successive tenants
7KH YDULHW DQG TXDOLW RI WKH VHUYLFHV RƵHUHG DW WKH KHDUW RI WKH 3DUF WKDW KDYH UHƶWWHG LW HDFK WLPHŤ
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there, as well as the six restaurants on site, in addition to the inter-
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within the Parc make the complex very lively and pleasant. The level
of security also sets it apart.”
19

25. ICADE / $118$/ 5(3257 Ş 5()(5(1( '280(17
Veolia. Architect: Dietmar Feichtinger.
VEOLIA’S HEAD OFFICE:
P
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SRUW DQG DFFHVVLELOLW UHTXLUHPHQWV IRU RXU VWDƵŤ stresses Edouard
Patino, Group head of real estate and general resources. The public
transport facilities, which at the time were just a pipe dream, have
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OD KDSHOOH DQG WKH H[WHQGLQJ RI OLQHb WR $XEHUYLOOLHUV ,Q
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ţ7KH GLUHFW SUHVHQFH RI ZDWHU ZLWK WKH QHDUE $XEHUYLOOLHUV EDVLQ WKDW
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LPDJH IDFWRU UHLQIRUFHG E WKH YLVLELOLW RƵHUHG WR WKH IXWXUH EXLOG- three major urban commercial property
ing: ţIURP WKLV ORFDWLRQ ZH ZLOO EH YLVLEOH IURP WKH ULQJ URDG ZKLFK LV SURMHFWV LQ 3DULV /D '«IHQVH -DYHO*UHQHOOH
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North East Paris will be the fourth. Here we
ƶFHV WKDW DUH FXUUHQWO VHSDUDWH 7KH ƶUVW JRDO DLPHG DW LV WKHUHIRUH have the two conditions needed for the
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ODUJH LQWHULRU JDUGHQ” This clear, clean and transparent architecture
close at hand.”
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environment. There are many meeting places, including the interior
garden, the company restaurant, an ampitheatre, a concierge ser-
vice, a sports hall and, of course, meeting rooms.
20

26. :( %5,1* /,)( 72 7+( ,7 / THE EXPANDING CITY
.H SURMHFW GDWHV
- February 8, 2010: call for projects by Veolia Environnement
IRU WKH VHWXS RI LWV 6ROH +HDG 2ƸFH
- April 2011: choice of the Aubervilliers site.
Dietmar
- June 17, 2011: signing of the partnership agreement between
Feichtinger. Icade and Veolia.
)RU DURXQG ƶIWHHQ HDUV 'LHWPDU )HLFKWLQJHU KDV EHHQ DW WKH - July 8, 2011: pre-selecting of 12 architects based on their
KHDG RI DQ DJHQF RI DUFKLWHFWV IURP GLƵHUHQW FRXQWULHV applications.
7KLV GLYHUVLW FDQ HYHQ EH VHHQ LQ WKH DUFKLWHFWXUDO VWOH VSHFLƶF - September 7 and 8, 2011: selecting of the short list
to his school and residential buildings created by the architect’s of 4 architects based on interviews.
team, which favors mixing interior and structural work. As well as - October 12, 2011: launch of the architecture competition
GHVLJQLQJ PDQ EULGJHV 6LPRQH GH %HDXYRLU ZDONZD 7URLV 3DV at Veolia by Antoine Frérot and Serge Grzybowski.
ZDONZD EHWZHHQ )UDQFH DQG *HUPDQ DQG WKH SDVVDJHZD OHDG-
ing to the rock at Mont Saint-Michel), he has also designed numer- - January 24, 2012: submission of architecture projects.
RXV RƸFHV FXOWXUDO FHQWUHV VFKRRO FRPSOH[HV DQG KRXVLQJ XQLWV - From February 2 to March 26, 2012: analysis of the projects
by the technical committee.
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- April 3, 2012: submission of the analysis report to Veolia.
7KH GUDIWLQJ RI WKH VSHFLƶFDWLRQV DQG WKH ODXQFK RI WKH DUFKLWHFWXUH
competition required project-based preparatory work, bringing all of - April 20, 2012: presentation of the report to the jury.
the participants to the table: Icade’s Property Investment and Prop- - July 31, 2012: target date for the signing of an agreement
HUW 'HYHORSPHQW WHDPV DQG WKH ORFDO DXWKRULWLHV 3ODLQH RPPXQH between Icade and Veolia on the terms and conditions
DQG WKH 3DULV DQG $XEHUYLOOLHUV 7RZQ +DOOV

27. ZLWK WKH VXSSRUW RI FRQVXOW- of a promise.
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- October 31, 2012: signing of a memorandum of understanding
7KH FROOHFWLYH GHFLVLRQ RQ WKH ƶQDO SURMHFW ZDV IRXQGHG RQ VHYHUDO
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key criteria:
Ũ WKH DUFKLWHFWXUDO EROGQHVV RI WKH SURMHFW D XQLTXH VWUXFWXUH GH- - January 9, 2013: presentation of the project blueprints.
veloping employees’ feeling of belonging, in line with Veolia’s values - -DQXDU VLJQLQJ RI WKH RƵSODQ OHDVH
and image;
Ũ WKH EXLOGLQJšV EOHQGLQJ ZLWK WKH XUEDQ HQYLURQPHQW DQ RUJDQL]DWLRQ
consistent with the densely built area surrounding avenue Victor
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meeting place between Millénaire 1 and the shopping centre.
65 )286
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7KH 3DULV UHJLRQ
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Icade is heavily involved in the development of North East Paris, experimenting
with new ways to bring life to the expanding city.
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30. +LV UROH LV WR
through its three businesses in the Paris region. As a property coordinate and steer Icade’s teams in certain flagship Greater Paris
investment company, Icade develops corporate campuses offering projects and particularly the Contrat de Développement Territorial
office buildings, shops, transport and associated services. Its '7 5HJLRQDO 'HYHORSPHQW RQWUDFW

31. LQ RUGHU WR SDUWLFLSDWH LQ WKHLU
complexes connected by a rich and varied transport system create a practical implementation.
new unity between districts that were very much separate previously The second is the increased rate of construction of new residential
DQG QRZ FRQQHFW $XEHUYLOOLHUV 6DLQW'HQLV DQG 3DULV UHVXOWLQJ LQ D property in the Paris region. This significant effort shows the new
new economic, social and environmental vibrancy. As a property vibrancy injected by Icade, although its strategy remains driven
GHYHORSHU ,FDGH LV SURGXFLQJ bQHZ KRXVLQJ XQLWV LQ WKH 3DULV by the commercial property sector. Icade, which still has from
region (half of its national production) giving priority to the two inner WR b PLOOLRQ PHWHUV VTXDUHG RI EXLOGLQJ ULJKWV RQ WKH
rings that are the districts emblematic of Greater Paris’s development. land that is owns is studying the construction of several thousand
new housing units with Plaine Commune, the urban community
Through property management in particular, Icade focuses most of encompassing the towns of Aubervilliers, Épinay-sur-Seine,
LWV VHUYLFH DFWLYLW RQ /D '«IHQVH DQG LV SURYLQJ LWVHOI WR EH DQ H[SHUW OH6DLQW'HQLV 3LHUUHILWWHVXU6HLQH 6DLQW'HQLV 6DLQW2XHQ
in the management and maintenance of high rise buildings in the Stains and Villetaneuse.
Paris region. The third is the combining of Icade and the commercial property
investment company Silic, which should be completed in the first
Given its historical and geographical roots in the region, it was natural half of 2013. The new entity should be a market leader in the
for Icade to actively participate in the Greater Paris region project. bVWUDWHJLF GHYHORSPHQW ]RQHV LQ *UHDWHU 3DULV LQ WKH 1RUWK WKH
In 2012 this involvement took three complementary forms. The 3ODLQH RPPXQH GLVWULFW LQ WKH :HVW /D '«IHQVH1DQWHUUH LQ WKH
ILUVW ZDV WKH DSSRLQWPHQW LQ -XQH RI -HDQ3LHUUH 0DWWRQ DV +HDG RI 6RXWK 2UO5XQJLV DQG LQ WKH 1RUWK (DVW 5RLVV
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Roissy – Paris Nord
Cergy
Sarcelles Roissy-CDG
Les Closbilles (Cergy) Le Bourget Parc d’expositions
Argenteuil Paris-Nord
Genevilliers Aulnay-sous-Bois
La Courneuve Centre commercial Le Millénaire
Asnières- Bobigny (Aubervilliers)
sur-Seine Clichy-Montfermeil
Nanterre
Paris
Rueil-Malmaison
H2O (Rueil-Malmaison)
Descartes-Noisy
Maisons-Alfort Champigny-sur-Marne
Bagneux
Versailles Ivry
Villejuif
Thiais Le Millénaire (Paris 19e)
Rungis
Orly
Saclay Massy
Villebon-Courtaboeuf
Evry
Tour EQHO (La Défense)
Courcouronnes €0 to €50 million
€50 to €100 million
€100 million
Business Parks
Property Investment
Office Property
Investment
Property Development
Property Management
Tour First (La Défense) La Factory (Boulogne) Tour Montparnasse (Paris 15e) Le Garonne, Metropolitan L'Opéra, Metropolitan (Villejuif)
(Villejuif)
22

32. :( %5,1* /,)( 72 7+( ,7 / THE EXPANDING CITY
The Parc des Closbilles
operation in Cergy.
QUESTIONS TO… Jean-Pierre Matton,
Head of Public Partnerships and Greater Paris
tor and the other in the private sector,
putting us at just the right distance and
creating just the right balance for us to
FRPPXQLFDWH HƵHFWLYHO ZLWK DOO RI WKH
project’s stakeholders.
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ZKHQ LW FRPHV WR HƵHFWLYHO RI ,FDGH SURMHFWV WKDW KDYH DOUHDG
FRQWULEXWLQJ WR WKH 3DULV UHJLRQšV FRQWULEXWHG WR WKH GHYHORSPHQW RI
YLEUDQF WKH 3DULV UHJLRQ Tram Bd McDonald
-30 It has many, but I’ll mention just -30 2Q WKH RWKHU VLGH RI WKH ULQJ URDG
WZR ƶUVW RI DOO ,FDGH KDV D JUHDW UHVHUYH we are creating nearly a thousand new
of land right in the two inner rings of housing units through the Macdonald Vert O program.
Paris. This land is of course useable for warehouse operation. In Cergy, with
the real estate projects that will help the Parc des Closbilles operation, nearly
to bring life to Greater Paris, making us b QHZ KRXVLQJ XQLWV ZLOO EH SUR-
D NH SODHU LQ WKLV SURMHFW 2XU VHFRQG GXFHG LQ bSKDVHV 7KLV DOO KHOSV WR PHHW
asset is our fundamental nature as a WKH WDUJHW RI bQHZ KRXVLQJ XQLWV
company with one foot in the public sec- in Greater Paris.
23

33. ICADE / $118$/ 5(3257 Ş 5()(5(1( '280(17
The
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Herblay (95)
(36 plots) housing unit + 6 houses
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34. :( %5,1* /,)( 72 7+( ,7 / THE WELCOMING CIT Y
As the city welcomes people of every
DJH DQG SURƶOH LW PXVW RƵHU D ODUJH UDQJH
of high quality and varied services to
its inhabitants. In shopping, recreation,
education, sport and healthcare, Icade
RƵHUV UHDO HVWDWH VROXWLRQV WKDW PHHW
the many needs of its inhabitants.
I cade’s vision is of an inclusive city. We are innovating and
adapting our property solutions to new living and spending
patterns, as well as the growing demand for property for
healthcare facilities and for a high standard of care.
Through its healthcare subsidiary, for more than 5 years Icade
has been making sustainable investments in clinics, which have
made it the leading property investment company in the sector.
In 2012, Icade further stepped up its investments in clinics, so as
WR RZQ D ƷHHW RI IDFLOLWLHV DEOH WR PHHW WRGDšV DQG WRPRUURZšV
public healthcare needs.
In 2011, we opened the Millénaire shopping centre, at Les Portes
de Paris. This new ultra high quality shopping complex, embod-
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intensive development of the Portes de Paris, both in terms of
transport services and new inhabitants and users.
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across France. As with Les Portes de
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+HDOWKFDUH
,QYHVWLQJ IRU WRPRUURZ
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in new investors in 2012, Icade is proving its long-term vision.
+HDOWKFDUH LV D JURZLQJ FRQFHUQ IRU WKH )UHQFK XUUHQWO
RI VXUJLFDO LQWHUYHQWLRQV DQG RI KRVSLWDO VWDV DUH SURYLGHG
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created a portfolio of 55 healthcare facilities through its subsidi-
DU ,FDGH 6DQW« PRVWO VSHFLDOL]LQJ LQ JHQHUDO PHGLFLQH VXUJHU
obstetrics and to a lesser degree follow-up care, re-education and
psychiatry.
Through its investments in the healthcare sector, it is assisting with
the restructuring and concentration of private sector operators,
IRU ZKRP WKH RXWVRXUFLQJ RI SURSHUW RƵHUV JUHDWHU HFRQRPLF
HƸFLHQF % EXLQJ KHDOWKFDUH IDFLOLWLHV DQG OHDVLQJ WKHP WR
operators for a minimum 12-year period, Icade allows them to
LQFUHDVH WKHLU KHDOWKFDUH RƵHU DQG RSWLPL]H WKHLU EXVLQHVV PRGHO
Vedici. François Chénieux Clinic. Limoges (87).
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DLVVH GHV '«S¶WV WKH FRPSDQ KDV D VRFLDO UROH WR SOD DV D ORQJ
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investments on healthcare areas where needs will grow, and by
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contributing to the development of a supply of high quality health-
care that caters for the needs of the population.
These investments are also in keeping with a partnership approach
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bWHQDQW FOLQLF RSHUDWRUV WKDW LW DVVLVWV ZLWK WKHLU GHYHORSPHQW
This growth momentum was strengthened in 2012 by open-
ing up the division to 4 long-term institutional investors (life
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38. of investments in 2012.
26

39. : ( % 5 , 1 * / , ) ( 72 7 + ( , 7 / THE WELCOMING CIT Y
CIMROR. Médi-Partenaires
Clermont-Ferrand (63).
QUESTIONS TO… )UDQ©RLVH 'HOHWWUH ,$'( 6$17‹š6 .( ),*85(6
Icade’s head of public and healthcare amenities
st SURSHUW
with them to requests for quotations
for clinics for sale, on the basis that
investor
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Icade Santé will be the owner.
sector
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of assets
)' This partnership with healthcare
facility operators gives them the 55
capacity to develop while relying
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How does Icade assist on a stable partnership and gives
Icade Santé an additional avenue for
LWV KHDOWKFDUH SDUWQHUV
sourcing. This makes it possible for HDUV
)' +HDOWKFDUH IDFLOLWLHV DUH SXUFKDVHG an ambitious investment program to $YHUDJH UHVLGXDO
under partnership agreements entail- be implemented with Icade Santé’s WHUP RI OHDVHV
ing systematic consultation. Icade operator partners without neglecting
Santé can in this way respond to market opportunities with other play-
requests from operating partners to ers. This partnership approach will be
outsource the clinics that they own continued in the future and will give
and above all assist them with their Icade Santé the means to achieve its
development projects by responding ambitions while remaining selective.
27

40. A WORD FROM…
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Villar Bruges Clinic (33).
%(127 +$67$,1*
Head of 0 $ DQG 'HYHORSPHQW
0«GL3DUWHQDLUHV
“As the third private healthcare operator by :H VHOHFWHG ,FDGH 6DQW« IROORZLQJ D UHTXHVW IRU
volume and with one of the highest profit TXRWDWLRQV LQ ,W VWRRG RXW DV D OHDGLQJ VROLG
PDUJLQV LQ WKH VHFWRU ZH GHFLGHG WR RXWVRXUFH expert operator. We wanted to find a partner with
our real estate to achieve precise objectives: ZKRP ZH FRXOG EXLOG D ODVWLQJ UHODWLRQVKLS DQG
developing our resources dedicated to ,FDGH EDFNHG E DLVVH GHV '«S¶WV FDPH RXW DV
DFTXLVLWLRQV LQFUHDVLQJ RXU ILQDQFLDO FDSDFLW the ideal property investment company. We sold
for our future projects and reducing our debt. LW RXU SURSHUW DVVHWV LQ WKUHH SKDVHV WKH ODVW RI
Outsourcing our real estate also allowed us to ZKLFK ZDV FRPSOHWHG DW WKH HQG RI IRU D WRWDO
refocus on our core business. We wanted to work DPRXQW RI ſbPLOOLRQ
with a “property investor/developer” who would Icade Santé perfectly answered our wish to have
offer us the benefit of their technical expertise a real partner: we are now working on developing
and their stated ambition in the healthcare WKH SRWHQWLDO WKDW OLHV LQ RXU IDFLOLWLHV ,Q WKH IXWXUH
VHFWRU ZKR ZRXOG DVVLVW XV ZLWK RXU RUJDQLF we expect Icade Santé to help us to optimize our
growth by financing the outfitting and extensions property platform through its expertise in technical
UHTXLUHG IRU WKH GHYHORSPHQW RI RXU QHZ areas such as energy consumption.”
DFWLYLWLHV EXW ZKR PLJKW DOVR DFW DV D SDUWQHU LQ
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28

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Parc Castelnau-le-Lez Clinic (34) .
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nursing homes. We then decided that a further opportunity lay in
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facilities. This is why we warmly welcomed the proposed partnership
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complementary with what we have already applied to our investment
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RƵHUV XV WKH DWWUDFWLYH UHWXUQV DQG YDOXDWLRQ WKDW DUH YHU PXFK WKH
determining factors in our property investment policy. Icade Santé is
now showing that it is worthy of all the faith that we put in it.”
29

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and restaurants, inviting visitors to shop at the water’s edge.
Le Millénaire, designed by the architect Antoine Grumbach, houses
PRUH WKDQ bUHWDLO EDQQHUV DQG UHVWDXUDQWV RI HYHU GHVFULSWLRQ
in an exceptional location at the gateway to North Paris. The site
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de Paris and has kept the bricks and warehouses, while blending
in the modernity of glass, steel and wood. Its location at the
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FRQQHFWLQJ LW WR 3DULV YLD WKH 6DLQW'HQLV FDQDO
Since the start of 2012, the Millénaire shopping centre has
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RI PHWUR OLQH ZLWK WKH )URQW 3RSXODLUH VWDWLRQ DQG RSHQLQJ RI
the T3 with a stop at Porte d’Aubervilliers. These new routes should
help to increase visitors to the centre, which numbered more than
6 million in 2012, and continue to raise its revenue. The shopping centre’s terraces.
:KHQ WKH KHDG RƸFHV RI WKH 0LQLVWªUH GH OD -XVWLFH DQG 9HROLD
Environnement move to the site and with the construction of
new housing programs, more than 20,000 new inhabitants and
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The shopping centre’s glass canopy.
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44. The shopping centre’s esplanade.
30

45. : ( % 5 , 1 * / , ) ( 72 7 + ( , 7 / THE WELCOMING CIT Y
Le Millénaire shopping centre.
Aubervilliers (93). Architect:
Grumbach.
ENVIRONMENT TRANSPORT
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“This centre is perhaps the best in the Paris region. “The hypermarket has been at the site since it was
Come here once and you’re bound to come back! RSHQHG LQ $SULO :H ZHUH DWWUDFWHG E LWV
It is also a great environment for working in. SUR[LPLW WR WKH FHQWUH RI 3DULV ZKLFK LV UDUH DQG
, KDYH EHHQ KHUH VLQFH WKH RSHQLQJ LQ $SULO WKH VLWHšV RYHUDOO YLEUDQF ,W LV DOVR DQ DWWUDFWLYH
RI P FXVWRPHUV DUH 3DULVLDQV ZKR ZRUN LQ clear and spacious site.
the area and inhabitants of Seine-Saint-Denis Our main customers are the inhabitants of
department. In the past few months visitors to the $XEHUYLOOLHUV EXW ZH DUH VHHLQJ LQFUHDVLQJ
centre have risen. This is probably due to the new QXPEHU RI 3DULVLDQV VKRSSLQJ ZLWK XV FRPLQJ
WUDQVSRUW URXWHV ZKLFK PDNH LW HDVLHU WR DFFHVVŤ IURP WKH th th DQG th districts.”
32

48. :( %5,1* /,)( 72 7+( ,7 / THE WELCOMING CITY
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“I chose to set up in a shopping centre as it “Setting up in shopping centres is a major avenue
would bring in more customers than in a city for development for Flunch. We believe that they
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architecture. stream of customers. So why this shopping
0 FXVWRPHUV DUH HTXDOO PDGH XS RI 3DULVLDQV FHQWUH %HFDXVH LW EULQJV XV FORVHU WR 3DULV ZKHUH
who work within the Parc and the inhabitants ZH KDYH RQO WZR UHVWDXUDQWV DQG EHFDXVH
of neighbouring towns. I believe greatly in the LW RƵHUV D YHU KLJK TXDOLW HQYLURQPHQW
development of the local customer base for :H RSHQHG LQ 'HFHPEHU DQG ZH DUH QRZ
the centre’s future.” WKH RQO UHVWDXUDQW RSHQ GDV D ZHHN XQWLO
SP HYHQ RQ D 6XQGD DOWKRXJK WKH FHQWUHšV
other shops are closed. Our customers are clearly
split between two categories: “functional” diners
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groups after 4pm and in the evening.”
33

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Spi West. Lyon (69).

50. :( %5,1* /,)( 72 7+( ,7 / THE INNOVATING CITY
Icade assists all of the city’s players
with their management of new urban
challenges, including adaptation to families’
new living patterns, the integration of
seniors and the wish of companies to
develop a virtuous environmental approach.
This focus on innovation reaches down into
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T omorrow’s city is being designed today: Icade upholds this
conviction in developing an ambitious innovation policy.
This was proven by three areas of innovation in 2012:
5HDO HVWDWH LQQRYDWLRQ to cater for the increase in dependency,
the new living patterns of families and the late departure of children
from the parental home, Icade has developed the “Patios liberté®”
DQG %,+20(® concepts.
(QYLURQPHQWDO LQQRYDWLRQ the need to reduce energy costs is
prompting companies to rethink their property decisions, their living
patterns and their pattern of consumption at work. Icade advises
them and guides them, notably by helping them to look ahead to
the future rollout of the “green lease”, with very positive results in
terms of reducing consumption.
3URFHVV DQG JRYHUQDQFH LQQRYDWLRQ an innovative company is
DOVR D FRPSDQ WKDW NQRZV KRZ WR PDNH SLRQHHULQJ GHFLVLRQV )RU
several years, Icade has pursued a policy of increasing the number
of women in its governance bodies, which currently puts it in the
vanguard on this issue.
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Le Beauvaisis at the Pont
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Always ahead of the environmental regulations.
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and amplify future standards.
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In September 2012, Icade and the town of Cergy-Pontoise an-
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the operational launch of the “Parc des Closbilles” urban develop-
ment project. The aim of this project managed in close collaboration
is to create a residential area that is exemplary in terms of sustainable
development, and is bold and innovative on the scale of an urban
district. The operation proposes unprecedented solutions promot-
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management, environmentally-friendly construction, living comfort,
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the town of Cergy for the Closbilles real estate program.
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8UEDQ 'HYHORSPHQW FHUWLƶHG E HUWLY«D 1) /RJHPHQW G«PDUFKH LE PARC DES CLOSBILLES:
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53. VHW XS LWV RƸFHV LQ SUHPLVHV QHZO EXLOW E ,FDGH LQ DW WKH
(1) 401 collective housing units available for purchase,
3RQW GH )ODQGUH VLWH $V IRU DQ ƷRRU DUHD H[FHHGLQJ bP2 the bLQGLYLGXDO KRXVLQJ XQLWV DYDLODEOH IRU SXUFKDVH LQVWLWXWLRQDO
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residence with 79 housing units, 1 subsidized student residence
1, 2012, the two companies, wishing to improve their environmental ZLWK bEHGURRPV EXVLQHVV UHVLGHQFH ZLWK KRXVLQJ XQLWV
performance, decided to get ahead of schedule. An environmental
appendix was therefore concluded in 2009. This committed the two
companies to conducting an audit of energy and water consump-
tion and estimating the building’s waste production. It also required 65 )286
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the implementation of action plans to reduce water and energy
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consumption and reduce waste production. Three years later, and
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without any improvement works, the performance achieved is re-
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54. RI LWV RƸFH DVVHWV
markable! Energy and water consumption have been reduced by 7KLV GHWDLOHG PDSSLQJ FRYHULQJ WKH
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initiatives, such as stopping lighting buildings at night. SURSHUW DVVHWV SURYLGHV LQIRUPDWLRQ
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36

56. :( %5,1* /,)( 72 7+( ,7 / THE INNOVATING CITY
With the Bihome® and “Patios
liberté®” solutions, Icade has
become a pioneering player in
new residential living patterns
for families and seniors.
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The ageing of the population, the loss of independence of seniors,
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parental home for longer are, for Icade, all social changes that have
a major impact on the way in which residential property is designed.
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the daily lives of its occupants easier. Two projects started in 2012
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a new generation of housing units/homes that maintain the inde-
pendence of their inhabitants while adapting to their needs given
reduced mobility.
The second, %,+20(®, is a housing concept designed to adapt to
the changing living patterns of their owners. It consists of a main
apartment to which a second living space is added that has its own
facilities and is intended to house a loved one or student or to be 3LHUUH0DULH KDSRQ
used for working from home. This space has two entrances: one Head of research - Médico-social Division
that gives directly onto the apartment and a second entrance that
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In designing Le Garance, a mixed property project Marc Mimram designed the building/
at the heart of the 20th district of Paris, Brigitte Métra, bridge project the Panorama, a 25,000 m2
architect and urban developer, prioritized blending EXLOGLQJ KRXVLQJ RƸFHV DQG VKRSV LQ
with the urban environment. the 13th district of Paris.
ţ:KDW PDNHV /H *DUDQFH LQQRYDWLYH LV DERYH DOO WKDW “The Panorama has four innovative components
it is one of the largest urban mixing projects in Paris that coexist in a balanced and consistent way:
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that permission has been given to build in the city centre WKH HQYLURQPHQWDO FRPSRQHQW DOO RI WKH
above a bus depot with a fuel station. What is remarkable structures being organized according to the sun’s
LV WKDW GHVSLWH WKH H[WUHPH FRPSOH[LW RI WKH SURMHFW SDWK :H WKHUH KDG IRXU FRQGLWLRQV ZKLFK ZKHQ
WKHUH LV D ZLVK VKDUHG E DOO RI WKH SODHUV WKH 5$73 EURXJKW WRJHWKHU ZHUH D VRXUFH RI FUHDWLYLW
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60. WR ZRUN ZHOO , VKRXOG DGG D ƶIWK FRPSRQHQW SDUWQHUVKLS
and very constructively together.” 7KDQNV WR WKH FOLHQW ,FDGH WKH WHFKQLFDO
condition wasn’t just a constraint but was also
able to drive innovation.”
38