PARIS (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)