Icade sells its Italian branch to Arcotecnica R.E. (IT)

To keep in line with its decision to cease all non-strategic activities, Icade, in January 2010, entered into exclusive negotiations with the Arcotecnica Group, Icade's technical partner in Italy for over six (6) years in order to sell its Italian branch – Icade Italia. Icade Italia provides property and facility management services and in 2009 realized a turnover of roughly €5 million.

The sale of Icade's Italian branch demonstrates Icade's willingness to guarantee to its Italian and International clients a long-standing quality of service by choosing a local, independent service provider that has operated on the Italian market for more than thirty years.

Upon acquisition of Icade Italia Spa, the company will be re-named as Pryma Spa. An industrial partnership has been concluded with Icade in the sector of consultancy and assistance for the management of student housing.

In line with this transaction, Icade has been advised by Mediobanca and the law firm Pirola.

Source: EPF

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