Icade signs a solidarity-based revolving credit line with Crédit Agricole CIB and Crédit Agricole d’Ile-de-France for €150m

Icade has today announced the signing of a five-year €150 million solidarity-based revolving credit line with Crédit Agricole CIB and Crédit Agricole d’Ile-de-France. It includes a mechanism by which both banks waive part of their remuneration. These funds, combined with those donated by Icade for the same amount from June 2020, will be allocated to research on Covid-19 vaccines carried out by Institut Pasteur.  

Over the term of the credit line, Institut Pasteur will first receive up to €300,000 from Icade to support Covid-19 research programmes, in particular those relating to candidate vaccines. This allocation may subsequently be reassessed based on medical research priorities, in consultation between Icade and Institut Pasteur.

This new funding brings Icade’s secured credit lines to over €2bn and strengthens its liquidity position.

This transaction has allowed Icade, Crédit Agricole CIB and Crédit Agricole d’Ile-de-France to innovate by creating a product that provides a source of additional sustainable financing to players in the solidarity economy.

This innovative transaction was arranged by Crédit Agricole CIB.

Building for every future
As an investor and a developer, Icade is an integrated real estate player that designs innovative real estate products and services adapted to new urban lifestyles and habits. By placing corporate social responsibility and innovation at the core of its strategy, Icade is closely involved with stakeholders and users in the cities—local authorities and communities, companies and employees, institutions and associations… As an office and healthcare property investor (portfolio value of €11.5bn as of 12/31/19 on a proportionate consolidation basis) and as a property developer (2019 economic revenues of nearly €1bn), Icade has been able to reinvent the real estate business and foster the emergence of tomorrow’s greener, smarter and more responsible cities. Icade is a significant player in the Greater Paris area and major French cities. Icade is listed on Euronext Paris as a French Listed Real Estate Investment Company (SIIC). Its leading shareholder is the Caisse des dépôts Group.

Crédit Agricole CIB is the Corporate and Investment Banking arm of the Crédit Agricole Group, the world’s 12th largest bank in terms of Tier 1 capital (The Banker, July 2019). Nearly 8,000 employees in Europe, the Americas, Asia-Pacific, the Middle East and Africa support the bank’s clients in covering their financial needs around the world. Crédit Agricole CIB offers its large corporate and institutional clients a comprehensive range of products and services in capital markets, investment banking, structured finance, commercial banking and international trade sectors. A pioneer in the field of climate finance, the bank now occupies a leading position in this segment with a complete range of solutions for all of its customers.

For many years Crédit Agricole CIB has been committed to sustainable development. It was the first French bank to sign the Equator Principles in 2003. Since 2012 it has also played a pioneering role in green bond markets by arranging public transactions for a wide array of issuers (supranational banks, corporates, local authorities, banks) and contributed to the drafting of the Green Bond Principles and Social Bond Guidance. Relying on the expertise of a dedicated sustainable finance team and on the strong support of all bankers, Crédit Agricole CIB is one of the most active banks in the green bond market.
For more information, please visit: www.ca-cib.com

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