190 million. 1,218 million. 1,432 million 37% ,353 million. Contents. Key figures Net current cash flow (+3% ( * ) ( ** ) )

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Millénaire 1 35, rue de la Gare 75019 Paris Tel.: +33(0)1 41 57 70 00



Icade Communications Department – March 2011

PHOTO CREDITS: Thomas Raffoux, Jean-Marc Pettina/Caisse des Dépôts, Arnaud Feuvrier, Sébastien Robert, Gaëlle Lézé, Javier Urquijo, Frédéric Achdou/Urba Images, Jean-Pierre Duplan/Lightmotiv, Alain Longeaud, Julien Thomazo, Érick Saillet, Éric Sempé, DR,

Éric Lechangeur, Pascal Dolémieux, Pierre-Laurent Hahn, Studio Hocini, Jean-Philippe Caulliez, Roger Haeffele/EuropFlash, Alban Gilbert. ILLUSTRATIONS: Olivier Le Discot


Icade – Millénaire 1 – 35, rue de la Gare – 75019 Paris

French société anonyme with a share capital of €78,975,899.17 – Paris Commercial Trade Register no.: 582 074 944


Stock market

Icade’s shares are listed on Euronext Paris Code: FR0000035081 – ICAD Financial information and investor relations Nathalie Palladitcheff – Member of Icade Executive Committee

Head of fi nance, legal, IT and Property Services division Tel.: +33 (0)1 41 57 70 12 – E-mail: nathalie.palladitcheff@icade.fr Nicolas Dutreuil – Corporate and fi nance director, in charge of investor relations

Tel.: +33 (0)1 41 57 71 50 – E-mail: nicolas.dutreuil@icade.fr

7 Key debt fi gures

8 Management bodies

10 Governance

12 Shareholding

13 Icade’s simplifi ed organisational chart

14 Corporate responsibility

16 Sustainable development

24 Human resources

30 Key fi gures for 2010

32 The businesses

34 Property Investment

38 Offi ces

39 Business Parks

41 Public and Healthcare Amenities

42 Shops and Shopping Centres

43 Warehouses 44 Property Development 48 Services Description of assets 50 Icade’s assets 51 Portfolio 66 Geographical distribution

€190 million

Net current cash fl ow




) (




(*) Variation in comparison with 2009 (**) Excluding support measure for sale of Residential Property division (€15 million)

€1,432 million



* Variation in comparison with 2009

€1,353 million

Operating profi t/loss


* Variation in comparison with 2009

€1,218 million

Net profi t Group share


* Variation in comparison with 2009


Loan to Value

81.4 €

Revalued net asset

per liquidation share

(–3.7% compared with 2009,

+1.3% compared with the 1


half of 2010)





y figur

es 2010


Icade, a major player in the French property market

Icade is a listed subsidiary company of the Caisse des Dépôts which carries

out property investment and development activities along with associated

services for offi

ces, business parks, shopping centres, public sector,

healthcare and housing amenities. Expertise in its diff erent business lines

allows the Company to provide its clients with personalized solutions

and to respond to all aspects of the property sector.

Our strategy

Icade employs a three-stage strategy, investing in the short-term in property assets which generate

immediate, secure and antidilutive cash fl ows. It concentrates on asset classes in which it already has

a presence and its employees have recognised expertise: offi

ce property in the Paris area, clinics

in France, shopping centres in the Paris region and in large regional urban centres.

The period 2011-2015 will see the delivery of several identifi ed projects, some of which

are already under development. This pipeline of investment projects representing €900 million

is a testament to Icade’s desire to rely on the expertise of its commercial property development

business to develop projects which generate future cash fl ows and create value in the medium term.

In the longer term, Icade’s positioning is based on the signifi cant growth impetus of the development

of its business parks in the Greater Paris area. The management of these unique property reserves,

amounting to around 80 hectares, will ensure steady development based on market needs.


The fi nalisation in 2010 of the sale of almost

30,000 housing units, which commenced in 2009 and

2010, allowed us to arbitrate a defensive class of assets

with a low yield and to recreate our cash fl ows quickly

by acquiring Compagnie la Lucette. Icade has therefore

retained a critical size and visibility on the property

market as a leading property investor.

Icade now concentrates on the offi ce property and

business parks markets in the Île-de-France region,

shopping centres, public and healthcare amenities.

These investments currently offer the best

risk-profi tability ratio, improve the ability to predict cash

fl ow and increase the Company’s distributive capacity

in the medium term.

Chairman and Chief Executive Officer of Icade.

In 2010, in just twelve months, Icade met

the challenge of implementing structuring

strategic measures, which signifi cantly

altered its economic model.

2010: A successful shift

Icade is also a full-service property developer. The huge

sudden halt in the development sector at the end of

2008 naturally had consequences on the margins for

this business in 2009, and 2010 was a turning point.

The energy deployed to absorb the shock should have

some initial positive effects in 2011. With more than

5,500 reservations in 2010, the Housing Development

division had a record year. Meanwhile, the fi rst signs

of an upturn are appearing for the Commercial Property

Development division, with the off-plan sale of

the Joinville-le-Pont building. Icade also delivered

the Nancy university hospital facility under a

public-private partnership, thus consolidating its position as

the leading public property developer.

In the services sector, as a result of the new structure,

Icade is concentrating on the most profi table activities

– property management, consultancy and student

accommodation. The focus of the restructured division

is to win new contracts and optimise profi ts.


Building on its success in these transformative

operations, Icade will pursue its commercial property

strategy in the coming years. Now clearly positioned

as a benchmark property investment company in

the French commercial property market, Icade intends

to take full advantage of its specifi c assets to deliver

lasting growth in cash fl ows and in the value of its

holdings to its shareholders, notably by making use of:

• the new rental income from the 2010 sales/deliveries

(Millénaire 1, Millénaire 2, H


O, Loire and Rhône

buildings in Villejuif, etc.) and the delivery in 2011

of assets that have already been leased (Millénaire

shopping centre, Rhin and Garonne buildings in

Villejuif, Aubervilliers Canal offi ces, etc.);

• its investment and growth capacity built on a solid

fi nancial structure and the absence of any major

refi nancing challenges until 2014;

• the recovery of the property development market,

which will allow Icade’s Development division, after

maintaining positive EBITDA in 2008, 2009 and 2010

through its prudent approach to the market, to play

its role as “income accelerator” in a more favourable

period of the cycle;

• the size of its property reserves, which are ideally

located to benefi t fully from the momentum of the

Greater Paris area and the development of buildings

that are a perfect match to new user requirements in

terms of both function and environmental concerns.

As a socially-responsible developer-REIT company,

Icade pays particular attention to the cities and towns

of the future.

When managing its assets, Icade therefore constantly

improves the environmental quality of its new or

existing buildings. It operates over 180,000 m


of offi ces

certifi ed as high environmental quality (HQE


) or

equivalent (BREEAM




) – 92,000 m² more than

in 2009. It has initiated the process of HQE


certifi cation

for the operation of its offi ces, contributing to the

fi nalisation of a reference system and obtaining

this certifi cation for the 270 building in Aubervilliers

for the second year running. Icade is increasing

its expertise in the energy renovation of its properties

during the course of several ongoing projects: low energy

consumption (BBC) renovation of the Beauvaisis

building in Paris, very high energy performance (THPE)

renovation of the Tour Descartes in la Défense. Keen

to adopt a sustainable city approach in the long term,

Icade is developing an eco-district approach at its

business parks in north-eastern Paris, as evidenced by

the ISO 14001 certifi cation process, which is underway.

In its property development activities, Icade emphasises

a high level of energy management in the buildings

it develops. In the Commercial Property division,

Icade’s offi ces have an HQE


or equivalent certifi cation.

In Housing Development, all building permits fi led since

the end of 2010 meet a minimum BBC level.

The signifi cant work of restructuring its business

operations combined with the dynamic asset

management policy conducted in recent years ensures

a strong outlook for Icade in the future. As a result,

and based on the specifi c features of its business

model now founded on the recurring revenues of

its Commercial Property assets and the outlook

for secure margins from its Development division,

Icade anticipates strong growth in its cash fl ow

from current operations.


Commercial assets

€5.8 billion

Housing units

€0.4 billion

Group assets stood at €6,129 million, excluding rights, against €5,804 million at the end of 2010,

an increase of €325 million over 2010 (+6%). On a like-for-like basis, the annual increase in the portfolio

value was €158 million, up 3% compared with 31


December 2009.

Based on a conservative valuation of the property development and services activities and the distribution

of a dividend of €7.30 in 2010, revalued net assets stood at €81.4 per share at 31


December 2010, slightly

down by 3.7% compared with 31


December 2009, and up by 1.3% compared with 30


June 2010.

• Portfolio value of property assets at 31


December 2010 (in €M)

• Appraisal value and fl oor space

Offi ces Business Parks Shopping Centres

Public and Healthcare Amenities Warehouses

Housing units

(1) Of total assets, including property reserves and development projects. (2) After neutralising investments and disposals for the fi nancial year.

(3) Appraisal value of rentable fl oor space divided by the number of rentable square metres. (4) Only clinics.

(5) Excluding residences for the elderly and shops.



1,416 1,035

Value excluding charges

as at 31/12/2010 (in million of euros) (1) on a like-for-like basis over 2010 Movement in values (2) (in euros/mAverage value2) (3) Commercial

Offi ces France Offi ces Germany Business Parks

Shops and Shopping Centres Public and Healthcare Amenities Warehouses Housing units TOTAL 5,768 2,307 380 1,416 370 1,035 259 361 6,129 +3.5% +3.2% –1.4% +5.9% +4.3% +3.9% –1.9% –6.0% +2.9%

• Reference fi gures

2,265 6,248 2,208 2,689 1,301 2,064 (4) 432 916 (5) 2,086 Total: 6,129 259 361


Investments Sales

• Investments net

of property investment companies’ sales (in €M)

• Number of square meters

2009 2010 2010 2010 2009 2009 1,992 361 410,678 Total: 2,537,890 435,463 442,793 473,441 176,511 599,004 Total: 5,768 –723 –1,689 524 489 Offi ces Business Parks Shopping Centres

Public and Healthcare Amenities Warehouses Housing units 281 842 61 1,289 370 1,035 1,416 2,688 1,339 31/12/2009 31/12/2010

Replacement NAV per share €91.0 €87.4 Liquidation NAV per share €84.5 €81.4 Number of shares (in millions) (1) 48.9 51.4


Offi ces Business Parks Shopping Centres

Public and Healthcare Amenities Warehouses

Housing units Total: 3, 812


Icade’s turnover amounted to €1,431.8 million at 31 December 2010, compared with €1,505.6 million at

31st December 2009. In 2010, sales in the Residential Property Development business grew spectacularly (jumping

more than 60% compared with 2009) thanks to low interest rates and tax incentives. At the same time, Commercial Property grew and expanded its assets through the integration of Compagnie la Lucette’s assets. These actions have enabled the Company to limit the downward thrust associated with the slowdown in the Commercial Property Development business and with changes in Group structure (withdrawal from the Asset Management for Individuals and Facility Management businesses in mid-2009 and sale of the Residential Property business assets in 2010). Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) were €304.4 million as at 31st December 2010,

compared to €302.3 million on the same date in 2009, broken down as follows: 86.6% for Investment, 20.0% for Development, 2.7% for Services and (9.3)% for Others, and includes €15.3 million in charges to assist the sale of housing units.

• Consolidated fi gures (in €M)






Net profi t Group share EBITDA





Net current cash fl ow*

* Excluding support measures for sale of Residential Property division.

• Data on Property Investment division (in €M)

Net rents Commercial properties Housing units Operating profi t 2009 2009 2010 2010 1,506 527 184 302 1,432 1,218 190 304





551 99 1,169 23 96 225 121 276


Total: 324 Total: 647 Total: 299 Total: 1,290



• Gross fi nancial debt by type at 31


December 2010

• Main investments in 2010 (in €M)


• Net fi nancial debt was €2,292 million, compared with €2,076 million in 2009.

• The average cost of financing after hedging was 3.93% in 2010, compared with 4.23% in 2009.

• The average maturity of Icade’s debt was 4.5 years in 2010, compared with 4.0 years in 2009.

• The portion of the debt due after 5 years was 24% in 2010, compared with 23% in 2009.

• Loan to Value was stable in 2010: 37.4%.

property, combined with a favourable climate for the Residential Property Development business, has made it possible to improve the operating profi ts.

Similarly, the cost of debt was reined in, despite the increase in average outstanding gross debt (€2,875.6 million in 2010 compared with €2,867.0 million in 2009) due to debt-restructuring measures and well-managed fi nancing terms (the average rate after hedging was 4.23% in 2009 compared with 3.93% in 2010).



261 Corporate loans

Bank overdrafts Direct fi nancing leases Mortgage loan Other debts Total: €2,876 million GRAND TOTAL €480 M ACQUISITION OF ASSETS €131 M 7 clinics Let to C2S, €111 M Générale de Santé Shops and Shopping Centres:

Recreation centres 1 and 2 in Montpellier and

1 shop operated by Mr. Bricolage in Saint-Dizier €20 M Let


Tour Descartes, la Défense €30 M Delivery Q2, 2013 Le Beauvaisis 028, Paris 19 €15 M Delivery Q4, 2011


Offi ces in Villejuif €75 M Pre-let to LCL Le Millénaire shopping centre, 88% pre-sold Aubervilliers €58 M

Public and healthcare amenities,

clinics €32 M Pre-let Ernst & Young building, Munich €29 M Sales agreement

with Deka Immobilien



79% 1%

Acquisition of assets Valuation of assets

Construction and extension of assets Renovation and major maintenance works

31 14%

4% 2%


The eight members of Icade’s Executive Committee are well-known in the industry,

and all have the experience, professionalism and skills required for Icade’s expansion.

Executive Committee

Serge Grzybowski

Chairman and Chief Executive Offi cer of Icade

Marianne de Battisti Head of communications, marketing and international business development

Antoine Fayet

Head of Residential Property division, senior advisor on the Greater Paris project

Hervé Manet Head of Development division

Nathalie Palladitcheff Head of fi nance, legal, IT and Services division in the property sector Thomas Guyot

Responsible for

the Commercial Property Investment division Guy Parisot Adviser to the Chairman Jean-Philippe Pautou Head of human resources


Management committees


The Executive Committee meets every week to address mat-ters relating to Icade’s fi nances, organisation, customers and staff. It also systematically reviews ongoing projects.


The Coordination Committee meets to discuss the Company’s strategy and policies, the expansion of operational activities, acquisitions and disposals of businesses and intra-group transactions.


From amongst the property development projects put forward by Icade, the Origination Committee is responsible for identify-ing and decididentify-ing upon those which should be earmarked for delivery to the property investment company and for participat-ing in the Group’s investment activity. Consistparticipat-ing of representa-tives from the Property Investment and Development busi-nesses, as well as the Finance department, it takes all the measures required to organise and optimise the steering of these transactions within the Company. The Origination Com-mittee meets once or twice a month, or as often as necessary.


The Commitments Committee is responsible for examining all of Icade’s investment or disinvestment commitments, recog-nised either on or off the balance sheet and for providing its opinion on them. It meets twice a month and whenever circum-stances so require.


The Human Resources Committee meets every fortnight. It is responsible for examining the Human Resources division’s major spheres of responsibility and their progress in mobility, training, recruitment, payroll policy, work relations, collective negotia-tions, compliance with employment legislation and legal regula-tions, the implementation and monitoring of procedures.



The Risks, Rates, Cash Flow and Financing Committee is res-ponsible for studying the Company’s refi nancing and rate-risk hedging policy and relations with banks and fi nancial market players and for making decisions in this regard. It is also res-ponsible for monitoring assets/liability management and for the allocation of the Company’s resources and market risks in the event of investments (loans, rates, etc.).

It also monitors macro-economic indicators and market fac-tors infl uencing Icade’s business sector as well as the fi nancial activity indicators of Icade’s cash and debt sectors. It meets once a month.





Serge Grzybowski

Chairman and Chief Executive Offi cer of Icade

Antoine Gosset-Grainville Caisse des Dépôts, represented by Antoine Gosset-Grainville, Deputy Managing Director of the CDC

Edmond Alphandéry Chairman of the Board of Directors of CNP Assurances

Marc-Antoine Autheman Managing partner of Imperator Conseil and independent director Olivier Bailly Adviser to the CDC Management Committee Philippe Braidy Director of national development and the CDC network Jérôme Gallot Chairman of CDC Entreprises Michel Berthezène Jacques Calvet Independent director

Thomas Francis Gleeson Independent director

Christian Bouvier Independent director

Benoît Faure-Jarrosson Financial analyst and independent director

Christian Peene Independent director

Alain Quinet

Director of fi nance and strategy of the CDC group until December 2010 Deputy Chief Executive of Réseau Ferré de France since 15th December 2010

Sabine Schimel

Director of the development, subsidiaries and shareholdings division of CDC

Alfonso Munk

Executive director in charge of property investment activities at Morgan Stanley and independent director Thierry Gaubert

Director of public affairs and adviser to the Chairman of the BPCE Group



The Board of Directors decides on the direction of Icade’s busi-ness activity and ensures that it is followed. Subject to the powers expressly reserved for shareholders’ meetings and within the limit of corporate purpose, it addresses all questions relating to the due and proper functioning of Icade and settles the matters that affect it through its discussions. The Board of Directors meets at least twice a year and whenever the corporate interest so requires. Icade’s Board of Directors met ten times during 2010.


In order to support it in its work, the Board of Directors has created three specialist committees. The committees have a consultative role and carry out their work under the responsibil-ity of the Board of Directors in the fi elds within their remit. The committees are composed of between three and fi ve people, chosen by the Board of Directors from amongst its members. In the case of the Audit, Risk Management and Sustainable Development Committee, two thirds of the members must be independent directors. Members are appointed in a personal capacity and may not appoint representatives.


The Strategy and Investment Committee is responsible for examining any investment or disinvestment project of the Com-pany greater than €50 million (including property development projects) and any external growth or shareholding disposal operation greater than €30 million.

It examines the policy of development by internal growth and the policies of the Group regarded as strategic by the Board of Directors.

→ Members

The members of the Strategy and Investment Committee are: Serge Grzybowski (Chairman), Michel Berthezène, Christian Peene (independent director) and Alain Quinet.



The Audit, Risk Management and Sustainable Development Committee is responsible for ensuring the accuracy and integ-rity of Icade’s annual and consolidated fi nancial statements and the quality of internal audit and the information provided to shareholders and to the markets. It assesses signifi cant risks and monitors compliance with individual and collective values on which Icade bases its activity, as well as the rules of conduct, which every employee must apply.

Amongst these values are Icade’s specifi c responsibilities as regards protecting and improving the environment and sustain-able development.

→ Members

The members of the Audit, Risk Management and Sustainable Development Committee are: Jacques Calvet (Chairman of the Committee and independent director), Marc-Antoine Autheman (independent director) and Benoît Faure-Jarrosson (independ-ent director).



The Appointments and Remunerations Committee is respons-ible for assessing applications for the appointment of corporate offi cers and for making suggestions as regards their remu-neration. It is involved in establishing the Company’s employee profi t-sharing policy and makes suggestions on resolutions to grant subscription and/or purchase options for the Company’s shares to all or some of the employees and on the allotment of free shares.

→ Members

The members of the Appointments and Remunerations Commit-tee are: Edmond Alphandéry (Chairman), Christian Bouvier (independent director), Jérôme Gallot and Serge Grzybowski.


• Icade’s shareholders at 31/12/2010

• Stock market performance of the Icade share (price not adjusted for dividends paid), EPRA and SBF 120

(base 100: as at 31st December 2009)

Caisse des Dépôts

Float (of which 0.77% held by the FCPE*) Treasury stock

* Company mutual fund.


43.33% 55.78%

Icade annual results.


ISIN code: FR0000035081 Mnemonic: ICAD

Listing market: Euronext Paris

Market: Local stocks – Section A (Blue Chips) Activity sector: Real Estate Investment Trusts PEA/deferred



Indices: SBF 80, SBF 120, SBF 250, Euronext 100, Dow Jones Stoxx Global 600, Dow Jones euro Stoxx, DJSEEP Stoxx, DJSEP Stoxx, IEIF SIIC France, CAC All Shares, CAC Mid & Small 190, CAC Mid 100, CAC Financials, CAC Real Estate Financial

Form of registration – fully registered

or administered registered

In both cases, you need to place a request with your fi nancial intermediary fi nancier or by calling +33 (0)1 40 14 04 00

(BNP Paribas Securities Services).

31/12/2009 31/01 28/02 31/03 30/04 31/05 30/06 31/07 31/08 30/09 31/10 30/11 31/12/2010 130 120 110 100 90 80 Icade EPRA SBF 120





Residential Property Investment

Residential Property Development

Commercial Property Investment

Commercial Property Development




100% Icade Promotion SASU

100% Icade Setrhi-Sétaé




100% Icade Commerces SASU

100% Sarvilep SAS

100% Icade Promotion Logement


100% Duguesclin

Développement SASU


100% Icade Services SASU

100% Icade Résidences

Services SASU

100% Icade Transactions


100% Icade Property

Management SASU

100% Icade Conseil SASU

100% I-Porta SASU

100% Icade Suretis SASU

100% Icade Gestec SAS

100% Inmobiliaria de la Caisse

des Dépôts España SASU

100% Icade Arcoba SASU

100% Icade Santé SASU

100% Icade REIT BV

100% Icade Bricolage SAS




5th March

Icade delivers its fi rst HQE® offi ces

with THPE approval to Villejuif, Bâtiment Loire (22,000 m²).

15th July

Work commences on the inter-generational and social eco-dis-trict at Chevilly-Larue, le Clos Saint-Michel (260 housing units), which will include housing suited to the ageing occupants and will incorporate special services. The programme includes BBC-ap-proved housing units and uses a high proportion of renewable, geothermal and solar energies.

20th July

Delivery of the fi rst 16 collective pri-vate BBC-approved housing units, les Villas Clara, Strasbourg.

1st October

Delivery of Munich Premier House 1 offi ce building in Germany. These offi ces (19,600 m²) are “DGNB Gold®” certifi ed (the German

equivalent of HQE®) rated 87.2%,

therefore one of the three best existing buildings in this certifi -cation.

Sustainable development is embedded

in Icade’s corporate strategy

2010 highlights

22nd October

Icade presents its 4th Sustainable

Development Awards, recognis-ing its employees’ best projects. On the same day it launched its 3rd electric river shuttle and signed

its fi rst green lease with one of its tenants at the Parc du Pont de Flandre. A second lease was signed on 20th December with a tenant of the

H2O building, in Rueil-Malmaison.

27th October

Serge Grzybowski, Chairman and CEO of Icade, is elected Chair-man of the France Green Build-ing Council, a new national asso-ciation of sustainable building and property players, which is itself a member of the World Green Building Council.

3rd November

Delivery of the Lumine et Sens offi ce block, with HQE®

cer-tifi cation and the BBC seal (3,250 m²) in Bordeaux.

23rd November

Work commences on the Vaise Îlot site in Lyon, on a zero-energy offi ce block. The project, which uses bioclimatic and photovoltaic architecture, will be delivered in December 2011 (6,291 m2).


by complying with other characteristics of the operations that have an impact on lifestyle in gradually introducing a multiple criteria “sustainable property” label for its commercial properties based on energy, carbon, water, waste and lifestyle. The project has been technically completed and has now entered the test phase to be deployed in 2011 on a large scale.

Icade is also participating in

large-scale urban projects to prepare for the “sustainable city”.

Step 3: a company that is

sustainable in its daily activities

As part of its responsible human resources policy, Icade aims to set the example in training and information on sustainable development provided to employees and in Icade’s internal operations. The resources put in place to obtain “NF Bâtiments Tertiaires

en exploitation – Démarche HQE® certifi cation at the head offi ce demonstrates this ambition. Optimisation of the operation of buildings held by Icade is indeed achieved in particular through

“HQE® exploitation” certifi cation and the launch of an ISO 14001 process for the management of its business parks.

Step 4: sustainable fi nancial


The fi nancing of sustainable property projects is a priority in order to fi nd solutions, which will make them accessible. Icade is working to develop innovative fi nancial engineering for sustainable projects based on energy-saving certifi cates, overall cost and Green Value (additional value generated by the environmental characteristics of a building).

Our policy

In order to implement its sustainable development policy, Icade has, since 2008, been developing a sustainable development initiative based on four steps.

Step 1: carry out demonstration

property projects

Between now and 2011, “demonstration sustainable development projects” under construction, renovation and operation will be carried out with the aim of accommodating, as far as possible, the 2020 environmental standards and controlling costs. The project-owner support services mission on these demonstration projects, launched in 2009, resulted in two buildings being completed in 2010: • a new building under construction:

Îlot E at the Parc des Portes de Paris; • renovation of another building: the

Beauvaisis at the Parc du Pont de Flandre.

Successful seminars and working party meetings were arranged to achieve pilot operations of excellence while capitalising on these experiences for the benefi t of the rest of the production process.

Step 2: constantly improve

Icade’s range of sustainable

goods and services

Icade is setting itself energy performance objectives for the buildings it completes.

It is also targeting other “sustainable” objectives: fi rstly, by managing the carbon footprint of its activities and products in adopting a carbon strategy following the Carbon Audit conducted on 2007 activities, repeated in 2010 in order to create the 2009 Carbon Audit to measure the changes in our greenhouse gas effects; secondly,

Our commitments

Icade’s plan of action and sustainable development policy is translated into concrete commitments, some of which are already in progress:

• 10% reduction in Icade’s Carbon Audit between 2007 and 2010;

• new private commercial and housing property development activities comply at least with the BBC level; • gradual certifi cation by Certivea and

Cerqual of Icade Promotion’s general management system to ensure that all commercial and residential activities benefi t from the

“NF Démarche HQE®” label; • annual development of a carbon

energy roadmap for all Icade’s activities from 2011 to prepare for the restructuring of the assets;

• optimisation of the operation of buildings held by Icade, in particular through “HQE® exploitation”

certifi cation and the launch of an ISO 14001 process for the management of its business parks.

Les Patios d’Or – Bonne mined –

development zone

Grenoble (38)

Architect: Loïzos Savva Icade : developer

National Eco-districts of France Award 2009. BBC label residence.


Management of

sustainable development

at Icade

In order to achieve its ambitions and coordinate its sustainable development activities, Icade has created a specifi c organisational structure:

The Audit, Risk Management

and Sustainable Development


Founded at the start of 2008, this Department reports directly to the Chairman and CEO of Icade. The Department is made up of two full-time staff, supported by external consultants, who steer the action plan and provide support to operational staff.

Île de Monsieur water sports centre

Sèvres (92)

Construction of a water sports centre and landscaped park covering 7.6 hectares.

Architect: 2AD Architecture Icade: assistance to contracting authority Park and buildings designed and constructed using

an environmentally-friendly approach. Winner of the 3 rd Icade Sustainable Development Awards

– Globalisation category.

The Sustainable Development

Committee and sustainable

development representatives

This Committee is led by the

Sustainable Development department and, made up of representatives of the Group’s divisions, examines progress of the action plan and recommends changes. Within each unit, a “sustainable development representative” disseminates business information relating to sustainable development, fulfi ls a reporting function and directs employees when they require expertise.

The Audit, Risk Management

and Sustainable Development


As part of the Board of Directors, every year the Committee analyses the results of the sustainable development policy and the commitments made for the coming years.

Paying attention

to our stakeholders

Icade considers that sustainable development involves both the Company and its stakeholders. The Company thus listens to its clients, to local government agencies and to a raft of other partners. As a listed property company, Icade is assessed by several non-fi nancial ratings agencies each year. In 2010, Icade was ranked as the top developer and the number three investment company in the Novethic consultancy’s annual eco-performance survey.

Our clients

Icade’s relationship with its clients incorporates environmental, economic and social aspects.

• In 2010, Icade signed two initial supplementary environmental agreements with tenants, one for a current lease and one for a new lease. These supplementary environmental


agreements create a dialogue between lessor and lessee concerning energy performance and include the terms of a progress report.

• For the 1st time in October 2010,

Icade gave several tenants the

opportunity to present their sustainable development policy and projects on the occasion of the Icade Sustainable Development Awards.

• Icade offers a residential property green initiatives guide to all new buyers. • In 2010, the Company published a brochure entitled “How to become an eco-investor” to encourage its housing clients to invest in BBC projects. This is currently being tested in the western region.

Local government agencies

• In 2010, Icade created a separate project for Greater Paris in order to enter into more detailed discussions with the local authorities involved in this huge project, notably by drawing up a “players’ specifi cations charter”. • During the construction of the HQE®

shopping centre in Aubervilliers, Icade supported local employment by signing an agreement with Plaine Commune conurbation authority and the City of Paris. As a result, works costing €23 million were carried out under local subcontracts, creating 105 new jobs. • Icade works closely with numerous local government agencies as a property developer or operator.

The partnerships

Within the scope of its sustainable development approach, Icade has entered into numerous national and international public and private partnerships, both environmental and social:

• involvement in the Impetus sustainable city project instigated by the Agence nationale de la recherche; • master agreement to exchange

information on HQE® with Certivéa;

• active involvement in the formation of the France Green Building Council;

• involvement each year in the Carbon Disclosure Project (global audit of the greenhouse gases of all listed companies);

• involvement in the development of the Sustainable Building Alliance international association;

• founder member of the DGNB in Germany (HQE® equivalent);

• member of the HQE and AVERE (electric vehicles) association; • involvement in the 2010 Téléthon.

Icade and the Grenelle Building plan

By accelerating Icade’s approach to sustainable development since 2007, the Com-pany’s Chairman and CEO contributed to the national debate in the building sector, which came about with the Grenelle law.

Serge Grzybowski implemented sustainable development initiatives when he joined Icade: Icade Sustainable Development Awards, corporate Carbon Audit, creation of the “sustainable development mission”. He has also chaired the “sustainable devel-opment” committee of the FSIF (Fédération des sociétés immobilières et foncières) since 2008.

Since April 2009, he leads the “private commercial” group of the Grenelle Building plan chaired by Philippe Pelletier. This working group is responsible for recom-mending measures for effective implementation of the Grenelle law in property. The fi rst recommendations by the group were submitted at the end of July 2009 with regard to the RT 2012 and energy saving certifi cates (ESC) followed at the end of October by recommendations on the renovation of existing property and green leases. A fi nal series of proposals was submitted at the beginning of 2010 concern-ing the construction of new commercial buildconcern-ings. Throughout 2010, the members of the group have been involved in preparing standardised documents on green leases, the RT 2012 and the renovation of existing property.

On 27th October 2010, Serge Grzybowski was elected chairman of the France Green

Building Council (France GBC), a new association which brings together the organi-sations involved in drawing up and implementing energy standards and environmen-tal certifi cations in France. France GBC has set itself the objective of encouraging sustainable buildings by mobilising all the national players, construction compa-nies, materials manufacturers, contractors, developers, managers and fi nanciers. France GBC will promote the French seal and certifi cation systems internationally and within the World GBC network.


The sustainable city of the future

In addition to the performance of each of its properties, which it is continuing to improve, Icade is launching itself as a sustainable development player in urban planning in cities alongside its stakeholders. This area, which Icade plans to expand, is refl ected by forms of involvement at various national levels:

• creation of a “Greater Paris” mission to discuss the challenges of this project with the local stakeholders in the Paris region; • involvement in the Agence nationale de recherche IMPETUS project to develop methodologies and systems of analysis for a

transport-building link in the sustainable cities of the future;

• development work on “sustainable cities”. Icade is, for example, preparing to develop the La Riche urban development zone, near Tours (adopting an eco-district approach with a mixed social structure), and the north-eastern Paris zone (mixed social and functional structure of buildings, development of low-impact transport such as trams, energy performance). Icade is also taking an eco-district approach to its business parks at the Porte de Paris, the fi rst stage being ISO 14001 certifi cation.

Icade’s objective is to build the sustainable city of the future by limiting the environmental impact of each of its buildings and integ– rating each of them into a new urban landscape. This notably involves factoring in the function of the district, the choice of the location of the buildings, transport links and discussion with the stakeholders.

Sustainable development is included in all aspects of Icade’s products and services.

Property Investment

When managing its assets, Icade constantly improves the environmental quality of its new or existing buildings in France and abroad.

• It operates more than 180,000 m² of offi ces, which are “high environmental quality” (HQE®) certifi ed or equivalent

(BREEAM®, DGNB®), which is 92,000 m²

more than in 2009 (+104%). It has initiated the process of “HQE®

exploitation” certifi cation for its offi ces, contributing to the fi nalisation

of a reference system and obtaining this certifi cation for building 270 in Aubervilliers for the second consecutive year. It has pursued this commitment by

developing HQE® offi ce building plans

for the coming years (259,606 m² under construction) and by fi ling other “HQE® exploitation” applications. Icade

is gradually involving its tenants by offering supplementary environmental agreements to its leases.

• In Germany, all the Icade Premier House 1 offi ces in Munich obtained the “DGNB Gold®” certifi cation in 2010.

• Icade is increasing its expertise in the energy renovation of its properties during the course of several ongoing projects: low energy consumption (BBC) renovation of the Beauvaisis building in Paris (12,000 m²), very high energy performance (THPE) renovation of the Tour Descartes block (79,000 m²) in la Défense, renovation of listed historic offi ce buildings in Berlin with a 60% reduction in heating consumption.

In order to prepare for decisions on forthcoming renovations, the Company will create an energy roadmap of its assets in 2011.

• Keen to adopt a sustainable city approach in the long term, Icade is developing an eco-district approach at its business parks in north-eastern Paris, the initial stage consisting of an ISO 14001 certifi cation process. • Icade is extending its sustainable development approach to all its assets: the Aubervilliers shopping centre (76,000 m²) will be the second to receive “HQE® commerce”

certifi cation in France; the 31 healthcare amenities owned by Icade (408,000 m2) sort hospital

waste and some already include an environmentally-friendly process in the way they operate and work.



Property Development

In its property development activities, Icade endeavours to achieve a high level of energy management in the buildings it develops.

• In the Commercial Property division, Icade’s offi ces have an HQE® or

equivalent certifi cation. In 2009, the Company undertook to complete a low energy building renovation of a 19th century commercial property as a case study within its demonstration projects, namely the Beauvaisis

building in Parc du Pont de Flandre, in Paris, which will be delivered at the end of 2011.

• Icade is developing BBC-certifi ed housing products in its Housing Development division, in order to master this performance standard before it becomes mandatory in 2013: all building permits fi led since the end of 2010 are of a minimum BBC (low energy consumption) standard. • In the construction of public amenities, Icade already adopts

environmental and social processes for most of its mandates such as high schools, hospitals, social housing. • In the urban planning and development business, Icade is creating large-scale projects with strong environmental characteristics (sustainable development charter) such as the conversion of the MacDonald warehouses in Paris and the development of the Plessis-Botanique mixed-development zone at La Riche, near Tours.

HEQ®: high environmental quality RT 2005: thermal regulations 2005 BBC: low energy building THPE: very high energy

performance • THPE ENR: very high renewable energy performance.

• Energy performance

of housing units delivered in 2010


13% 9%


• Energy performance of housing units

under construction

RT 2005 THPE HPE BBC 8% 30% 23% 39%

• Energy performance of commercial

buildings delivered in 2010

HQE®, THPE certifi cation

HQE®, BBC certifi cation



• Energy performance of commercial

buildings under construction

HQE®, THPE certifi cation

HQE®, BBC certifi cation



Parc du Millénaire

Paris 19th arrondissement (75)

Millénaire 1 and Millénaire 2 are certifi ed HQE®. Millénaire 1 is on course to become “HQE® exploitation” certifi ed.

Architect: Arte-Charpentier

The general management system

The Group is amending its management system so that all its projects incorporate the sustainable development aspect.


As an organisation, Icade was the fi rst property developer to obtain SMG (general management system) certifi cation by Cer-tivéa for its commercial buildings in the Île-de-France. The SMG system means that 100% of Icade’s commercial operations aim

to obtain the “NF Bâtiments Tertiaires – Démarche HQE® certifi

-cation in this area with effect from 2009. Icade gradually extends this certifi cation process to all its activities.

In 2010, four of Icade’s seven regional divisions became

hold-ers of the “NF Logement-Démarche HQE® and the “NF

Bâti-ments Tertiaires-Démarche HQE®user rights. The same will

apply to the three other regional divisions and to public health promotion and trading activities by the end of the fi rst quarter of 2011.

The shopping centres or public amenities will aim to achieve “NF

Démarche HQE® certifi cation wherever possible.

“HQE® exploitation” certifi cation will be systematically sought

both for Icade’s property investment activities and for its external clients as construction work progresses.


Qualiprom sets out the obligations in a management system of the working processes of property development and construction companies.

At the end of 2010, the Commercial Property division and the Île-de-France Housing division and the Eastern, Rhône-Alpes and northern Normandy regions had obtained certifi cation. In early 2011, the Shops division and the Île-de-France Public-Private Health Partnership, along with the Mediterranean, south-west and western regions will obtain this certifi cation. The whole of Icade’s Property Development division will then be certifi ed.


Les allées Saint-Jacques

Mittelhausbergen (67)

Development of 7 residential properties on the outskirts of Strasbourg, each with between 7 and 11 low-energy (BBC) housing units using no fossil fuels (52 kWh/m2/annum).

Roofs with plants, the latest solar panels, bioclimatic design with high performance windows.

Delivery: second half of 2010. Architect: Jean Merat


Icade and the ageing population

The proportion of elderly people making up the population is increasing.

20.8% of residents in France were aged 60 or over in 2005, compared with 30.6% forecast for 2035 and 31.9% for 2050.

Faced with this challenge, Icade aims to provide a real response both in its buildings and in its associated dedicated services, thereby developing a “route for seniors”:

• through its “Haute qualité de vieillissement®” approach (high-quality ageing process), trialled in a series of buildings adapted to the

elderly in Chevilly-Larue. Located in a central district with local shops and services and a diverse inter-generational mix of occupants.

Development of specially adapted and progressive housing units (turnkey solutions “Pack Sécurisé® and “Pack Facilitateur®) for an

ageing population, in the immediate vicinity of a housing establishment for dependent elderly people;

• piloting of the national research programme SIGAAL (inter-generational services to provide assistance to the elderly in their homes), the aim of which is to enable elderly people to remain independent in their own homes thanks to new technologies and home automa-tion systems;

• organisation in 2009, with the Âge Village website and Caisse des Dépôts, of the fi rst “Living together today and tomorrow” competition to showcase exemplary projects for accommodation suited to the ageing population.

The second of these competitions will be held in 2011;

• involvement in the work of government ministries in this fi eld, notably on the “Living at Home” report produced in 2010. This report contains proposals for improving access to technologies and the quality of life of seniors in their own homes;

• in September 2010, work started on the Patios d’Or, a housing programme in the Bonne eco-district in Grenoble. This BBC housing, suited to senior residents, has a bioclimatic design.


Le Millénaire shopping centre

Aubervilliers (93)

“HQE® commerce” pilot operation certifi cation THPE label offi ces. 59,000 m2.

Delivery: fi rst half of 2011. Architect: A. Grumbach

Services and engineering

Environmental management is becoming increasingly professional, which for the property services and engineering businesses means developing

“environmental” management methods.

• Sustainable development initiatives in property management are always carried out in partnership with the owners and the operating companies of the managed sites. Some new initiatives were launched in 2010: environmental appendices to leases, studies and

remote metering of energy consumption, active involvement in the “HQE®

exploitation” process, general

approaches to the operation of buildings. • In buildings engineering, Icade is developing its expertise in sustainable construction and its appraisal and project-owner support activities. In the construction sector, it carries out technical survey assignments and AMO HQE® assignments providing a high level

of expertise in sustainable development, both for Icade’s projects and for other clients. In renovation and environmental surveys, it offers services suited to the challenges of sustainable property:

“HQE® exploitation” certifi cation, energy saving certifi cates, Energy and Carbon Audits, PPE® environmental progress

plan, project management assistance for “Patrimoine Habitat & Environnement® asset restructuring, environmental studies and diagnostics.


Responsible human resources management

Icade’s prime responsibility internally is towards its employees and then to its day-to-day operations.

Skills and careers

As the basis of a career and skills professional development policy, Icade has initiated a process of skills management, which is currently under development, combining the management of employees’ skills and the monitoring of their professional development within the Group.

This approach will make it possible to monitor the career of each employee within their unit and to defi ne all the mobility and internal training processes. Based on the running and monitoring of management and personal development meetings, skills management makes it possible to understand the changes needed in the business in terms of human resources.

At Icade in 2010, 36.5% of permanent contract vacancies were fi lled internally and 58 employees therefore accepted an internal transfer.

In total 214 posts were fi lled, of which 159 were permanent contracts and 55 fi xed-term contracts. 47% were in the Development division, 47% in Services and 6% in Investment.

Training policy,

a key factor

Icade met its training commitments to its employees. The training plans have been designed as closely as possible to management’s requests based on Icade’s policies and its three activities. Investment in training in 2010 corresponded to 3% of payroll expenditure, namely €3,302,644. In total 4,751 trainees, split equally between women (2,567) and men (2,184), received a total of 37,837 hours of training.

This corresponds precisely to 1,659 employees trained out of an annual average workforce of 2,035, or 81.52% of employees who received at least 23 hours of training over the year. The hours were split as follows: 61% for managers and 39% for non-managers. Icade’s training plans originated as a priority from the specifi c needs of the three divisions – Investment, Development and Services – marked by support for professional skills attached to the core activities, as well as the common needs specifi c to Icade as a whole, notably a common policy in terms of declining the strategic objectives and thereby supporting

• Breakdown of employees

by gender and by category

Skills and weighting of positions

According to the method chosen, Icade’s functions are evaluated by members of the Executive Committee in conjunction with the Human Resources division. This is carried out independently of the identity of the holders of the positions, using a “position weighting” method based on a model of key contributions.

From a roadmap of positions

to classifi cations

As a result of these evaluations, it is possible to establish a roadmap of the functions of all positions at Icade. It is split into different levels in order to work on introducing professional career development paths and to create a basis for redesigning the system of classifi cation.

Mobility and recruitment

The development of mobility amongst the subsidiaries of the Caisse des Dépôts is a key objective, which offers employees new opportunities for personal development in order to increase the dynamism, transversality and performance of the entities. An ambitious mobility policy has therefore been put in place, which is refl ected by the new on-line tool for managing applications referred to as

Mobil’idées and which includes the

commitments made in the Caisse des Dépôts Group mobility agreement: confi dentiality, compliance with deadlines, common presentation of subsidiaries and posts, a common reference system of professions produced on a Group scale.

Managers, male Non-managers, female Managers, female Non-managers, male

20 %


32% 11%


managerial grades in management meetings, but also in continuity from 2009 by offering a cycle of property and fi nance conferences of high standard in the form of plenary meetings. Training was more particularly centered in 2010 on three principal areas – in the fi rst two areas, Icade is continuing the efforts of the previous year and has stepped up the third area in 2010, the managerial dimension.

Property and construction

The teams were trained on topical subjects applicable to the asset, development, renovation and operation of buildings with the aim of providing a better response to our clients’ needs. Customised training placements were organised specifi cally for the teams based around subjects such as: public contracts, property taxation, recoverable charges and property fi nance. On an individual basis, Icade also supported its employees in topical areas such as the new challenges of commercial town planning, property negotiation and study days for monitoring.

Cross-disciplinary training was organised, allowing discussion and the sharing of experience in these areas, notably on regional health agencies and nursing homes.

Business applications

In order to strengthen the support structures already in place, business applications are still the subject of particular attention from a perspective of effi ciency, deadline optimisation and reporting.

Personal development

and management

Specifi c initiatives were deployed in order to help improve the expression of the Company’s general strategy with a programme tailored to Icade’s position on individual management meetings. Numerous managers have also received a very high standard of managerial training from the Caisse des Dépôts (CDC) University.

Salary policy redefi ned

The fi xed share of remuneration

(basic salary)

remunerates the skills related to the function.

The individual variable


is determined each year for each division and for the support functions when the results are published. An in-depth restructuring of the variable portion was undertaken and will come into force in 2010 with payment in 2011.

Employees share in the benefi ts

of the Company’s performance

In order to involve Icade’s employees in the Company’s performances, there are two agreements which allow the payment to employees to be placed in the Group savings plan.

• The profi t-sharing plan is Group-wide. The method used is the legal calculation method.

The budget is distributed half on an equal basis and half in proportion to salary.

• The profi t-sharing agreement is based on the consolidated profi t with the aim of involving all employees in Icade’s performance as a whole. It is based on the Group share of the net profi t.

• The average profi t sharing payment to the 3,375 benefi ciaries was €1,932 and the incentive payment was €1,252. The Icade Group savings plan offers employees several mutual funds in which to invest, four of them being multi-company, together with the Icade fund.

The FCPE Icade Actionnariat accounts for 54.4% of the amounts invested in the Group savings plan and 62% of employees have invested in this fund.

A high quality social


Since 2007, employees have been represented by a single economic and social unit. This unit is the reference framework for the elected and trade union representatives of the employees. In 2010, having found that the

developments at Icade since 2009 have strengthened the investor-developer model, management and the trade unions recognised the need to organise continuity in employee representation within a single framework.

It was within this context that they signed two collective agreements recognising the existence of a single unit made up of Icade SA and its subsidiaries and agreed that this single unit constitutes the reference

framework for trade union and elected personnel representatives.

Keen to maintain the quality of the social dialogue within the Company, management and the trade unions also wanted, under the terms of these agreements, to provide the resources for the smooth running of the employee representative bodies.


The quality of this social dialogue is refl ected notably by the number of meetings attended by equal numbers from management and the social partners: 90 employee representative meetings, 26 negotiation meetings with the trade unions and 22 joint committee meetings were held.

The challenges

of diversity: age

management, gender

equality, disability

Age management

The shape of the age pyramid refl ects the balanced policy governing management of Icade’s employees. This guarantees good alignment between new generations and the transfer of skills.

The average age of employees has remained stable over the past three years at 43 for managers and 41 for non-managers.

During the year, 11 of the employees recruited on permanent contracts were young graduates (under 26) and 17 were aged 50 and over.

The policy of welcoming work-placement students (temporary contract or

internship) continued in 2009. 21 young people joined Icade as a result.

Senior workers policy

As a sign of its commitment to a balanced employee management policy and attentive to the place occupied by senior employees within the Company, in accordance with the senior worker’s employment policy signed in 2009, Icade offered this category of employees a number of specifi c arrangements such as the second stage of career meeting, access to remote working arrangements and courses to prepare for retirement.

As of 31st December 2010, employees

aged 55 and over accounted for 14.3% of the total workforce.

Job opportunities for the disabled

The ratio of disabled workers is still not high enough. Icade therefore undertook to increase this ratio under a partnership agreement with AGEFIPH signed in 2009.

A programme of awareness-raising initiatives on disability and a scheme for recognising the qualifi cations of workers with disabilities has been put in place.

Developing partnerships with

businesses in the protection of disabled workers sector is a priority. A specifi c programme dedicated to buyers has been developed and forms an essential point of leverage for a voluntary purchasing policy with this sector.

Equality in the workplace

Icade has for many years been attentive to gender equality in the workplace. A comparison of the general working and training conditions for men and women within the Company is made each year and examined by the Works Committee and the professional equality committee.

By conducting specifi c negotiations on this topic with the trade unions in 2010, Icade wanted fi rstly to carry out a more in-depth analysis of the respective positions of men and women and also to share this analysis with the social partners. During this negotiation process, indicators were presented in

To celebrate Sustainable Development Week, Icade invited architect Philippe Chaix to the screening of the fi lm Green.


order to assess the respective position of men and women within Icade based on three criteria: the conditions of access to employment, training and professional promotion; working and employment conditions; the balance between working life and family responsibilities.

This analysis shows that men and women are equally represented at Icade. The proportion of female

managers has continued to rise steadily for several years and now amounts to 22.4% in 2010 (the Executive Committee having two female members).

Furthermore, out of the 26 employees promoted to a more senior position in 2010, 69% were women.

In terms of earnings, the rare cases of unequal salaries between men and women in the same posts are explained by rapid growth within the Icade Group and the integration of companies with a different hierarchy of salaries. The negotiations will continue in 2011 with the aim of contractualising the benefi ts and measures already in existence in the Company and of formalising new commitments with the aim of advancing the principles of professional equality.

Work/life balance

Part-time working within Icade is in response to employees’ requests. As at 31st December 2010, 142 employees

were working on a part-time basis, accounting for 7.5% of the workforce. Of these 142 part-time workers, 13 were men.

Employee facilities

Icade has introduced a raft of services that meet the needs of the employees at its head offi ce site. Icade therefore takes into account employee needs and also limits the environmental impact by avoiding the need for employees to use their cars for activities such as:

• corporate caretaking services; • fi tness centre;

• mini-shop; • library;

• green AB branded products and fair trade for some of the products at the Company restaurant, cafeteria and food and hot drinks machines.

The expansion of public transport is a major issue for the north-east region of Paris, particularly the T3 tram extension and the future RER E station close to Icade’s head offi ce.

Icade’s aim is to offer the widest possible range of transport options to its employees, while favouring public transport and respecting the environment, such as the 100% electrically-powered river shuttles and the use of free bicycles. It also offers employees a car pool system (Carbox) and an on-line site for lift sharing.

The range of mobility options increased in 2010 with some new services:

•increase in the number of private buses from three to fi ve to connect the Parc du Millénaire to the RER B and D stations;

•acquisition and start-up of the third electrically-powered river shuttle to connect the Parc du Millénaire to metro line number 7 station Corentin-Cariou;

•introduction of new car-sharing stops at the Portes de Paris and the Pont de Flan-dre sites;

•a survey to assess the development in transport fl ows based on future property sites;

•Icade has drafted a “players’ specifi cations charter” common to the two public debates underway on public transport plans in Greater Paris in conjunction with the redevelopment of north-eastern Paris.

Corporate caretaking services.




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