(Adds detail and background)
PARIS, March 13 (Reuters) - French property company
Icade said on Monday that it had agreed to sell off
its shares in its Icade Sante division for around 1.4
billion euros ($1.50 billion), to cut debt and boost cash flow.
Icade said it would sell off its shares in Icade Sante to
property company Primonial REIM, and it would also sell the
portfolio of assets held by its Icade Healthcare Europe unit.
Icade said proceeds from the sale would result in 710
million euros worth of special dividends, a reduction in its
debt and give it cash to invest in other business growth areas.
"The substantial cash generated by this transaction would
also help Icade to fortify its balance sheet and seize potential
growth opportunities. The final agreements may only be entered
into once Icade's employee representative bodies have been
informed and consulted," it added.
Investment bank Lazard advised Icade on the deal.
($1 = 0.9325 euros)
(Reporting by Sudip Kar-Gupta; Editing by Leslie Adler and
Sandra Maler)
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