In spring 2025, French investment firm Icade announced the acquisition of nine strategically located real estate assets from the Casino Group for a total of €32 million. The portfolio includes parking areas, underutilized land, and commercial properties across several French cities such as Marseille, Montpellier, and Angers. This acquisition forms part of Icade’s broader ReShapE strategy, which focuses on sustainable urban development and the transformation of existing city spaces.
Strategic Value of the Acquisition
The newly acquired assets provide Icade with significant opportunities to transform these sites into vibrant, multi-use urban districts. The company plans to develop approximately 3,050 new residential units and renovate around 29,000 m² of commercial space. The goal is to meet environmental standards while enhancing urban life through better infrastructure and land use.
This deal reinforces Icade’s commitment to expanding beyond the Île-de-France region into growing urban areas, supporting regional development and job creation while responding to the increasing demand for affordable housing and mixed-use spaces.
Partnership with CDC Habitat
Two of the nine properties, located in Marseille and southern Montpellier, will be developed in partnership with CDC Habitat, a subsidiary of Caisse des Dépôts focused on social and affordable housing. The collaboration aims to create mixed-use neighborhoods that combine residential, retail, and public spaces.
This partnership underlines the social impact of the developments and strengthens Icade’s position as a responsible developer working closely with public-sector stakeholders to create inclusive and livable environments.
Management and Development Structure
Under the terms of the agreement, Casino Immobilier, the real estate management branch of the Casino Group, will continue to manage the portfolio for the next four years. This will ensure continuity and allow for a smooth transition prior to the start of large-scale transformation projects.
In addition, Casino Group retains an option to reinvest in the project vehicles that will own and operate the future developments. This co-investment structure offers flexibility and aligns long-term interests between the retail giant and the real estate developer.
Financial Impact on Casino Group
For Casino Group, the transaction is part of its broader financial restructuring and a key element of its Renouveau 2028 plan. Proceeds from the deal will be used to reduce debt—particularly that of its subsidiary Quatrim—and help refocus the company’s efforts on retail core operations.
Rather than a traditional divestiture, the transaction represents a strategic repositioning of Casino’s non-core real estate assets, turning passive holdings into value-generating partnerships.
ReShapE Strategy in Action
The acquisition is aligned with Icade’s ReShapE 2024–2028 strategy, which targets urban regeneration projects outside the Paris region. ReShapE emphasizes environmental performance, mixed-use development, and enhancing the urban experience through partnerships with local governments and civic institutions.
Icade aims to be more than a traditional real estate developer—it sees itself as an urban operator, helping to reshape and reinvigorate neighborhoods through a holistic, inclusive approach.
Regional Significance
The cities where the sites are located—such as Angers, Marseille, and Montpellier—are economically and socially significant urban centers. In Angers, known for its forward-thinking urban planning, the development may become a model for eco-districts. In Marseille, where housing demand is acute, new residential buildings will help alleviate shortages and bring new vitality to underutilized spaces.
Local governments are expected to welcome Icade and CDC Habitat’s involvement, viewing them as long-term partners capable of delivering sustainable and community-focused urban transformation.
Development Timeline and Outlook
The first construction projects are expected to begin by 2026, following public consultations, design processes, and planning approvals. Icade will work with multidisciplinary teams of architects, planners, and urban sustainability experts to ensure the developments meet high environmental and social standards.
Given the scale and diversity of the properties, development will be staged. Some sites may become mixed-use urban quarters with integrated digital infrastructure, green spaces, and public services, setting a benchmark for future urban regeneration projects.
Conclusion
The acquisition of nine strategic sites from Casino Group demonstrates Icade’s role as a key actor in sustainable urban transformation in France. The deal blends financial acumen with long-term urban vision, integrating social, environmental, and economic dimensions. The partnership with CDC Habitat and continued involvement of Casino strengthen the model by ensuring that expertise, capital, and community needs are aligned.
In an era marked by urban density, housing demand, and climate imperatives, this transaction reflects a next-generation approach to real estate development—one that prioritizes livability, sustainability, and social inclusion at every stage of the process.
