For Foncière Tertiaire (89% CF 2022), rental revenues came to 181 ME in H1 2023, representing pc growth of 2.2% yoy (vs. +2.8% in Q1 23 and -0.4% over 2022), says Oddo BHF in its analysis of the day

On a like-for-like basis, revenues were down 2.1% yoy due to disposals in 2022 and H1 23.

Leasing activity was brisk, with the signing of 46 leases covering some 100,000m² for a face rent of 27 ME and an average firm term of 6.4 years, the research firm points out.

' On the balance sheet side, EPRA NTA NAV/share came to E79.3, down 11.8% on H1 23, mainly due to the pc decline in asset valuation of 6.7% in the Tertiary segment '.

A new strategic plan is expected by early 2024. Oddo BHF confirms its Outperform rating, with a price target of E61.

We believe that Icade has the right fundamentals following the sale of Icade Santé to enter the new real estate cycle," adds the research firm.

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