Hello, everyone. I'm very pleased to be here with you and Icade's management at its full year presentation. These full year results are also the opportunity for me to recognize Icade's strong performance in 2022, both operational and financial. As you will see in a few minutes, Icade's delivered a strong set of results in 2022, even better than we had expected in a particularly volatile and challenging year, which makes the performance even stronger. Thanks to the hard work and involvement of our teams, performance of the three business line is well-oriented, backed by the solid fundamentals of each of our markets. As we did in July, the board of directors and I would like to thank Icade's teams. At the same time, Icade's balance sheet has been strengthened and is ready to cope with the new financial environment.
2022 marks the end of the strategic plan, which, as we had the opportunity to tell at the Investor Day, has achieved its objectives in more than a complex environment between 2019 and 2022. In eight years, Olivier has successfully carried two strategic plan and allowed the group to transform in depth to reinforce the leadership of our three business while accelerating CSR ambition and putting the track on the 1.5 degrees pathway. The board and I are more than grateful. As Olivier's second term of office comes to an end on April 21, the board of directors has decided to appoint a new CEO by the next AGM at the latest. He or she will be responsible for defining a new strategy adapted to Icade's real estate and financial environment, which is complex and volatile, but full of opportunities for the years to come.
I thank you for your attention, and I will now turn it over to Olivier and Victoire, who will present our results. Thanks.
Thank you, thank you, Frédéric, and good morning, good morning, everyone. I don't know which slide I have on the screen. This one is the right one. Jerry, thank you. Thank you for being with us this morning, and welcome once again to open our headquarter. I am with Victoire Aubry, our CFO, and after the presentation, as usual, we will have a Q&A session with the entire executive committee of Icade. Please don't hesitate to send a question by email or by phone, even during the presentation. As Frédéric said, our meeting this morning is dedicated to the 2022 results and the outlook for 2023.
Let's now jump into the figures, with a brief overview, and I am on page 8. In line with the half-year result that we have presented in July. I'm sorry, Jerry, which slide I have on the screen because it is changing.
The right one.
The right one? Okay, thank you. Sorry. In line with the result that we have presented in July for the half-year result, we do think that the full year 2022 are strong, not to say really strong. If you look at the figure to start with the current cash flow, it increased by +7% up to EUR 417 million, including, I think it's important to remind that the impact of the significant disposal that we have completed in 2021 and 2022. On a per share basis, it stand at EUR 5.5, +5.9% growth.
This growth is clearly driven by the three business line and is clearly above our guidance that was already upgraded in November 2022. This is mainly due to a high level of activity for Icade Promotion at the end of the year, but also due to higher indexation and lower interest rate compared to our compared to our forecast. Our EPRA NAV NDV stand at EUR 7.7 billion, which is EUR 101.4 per share, +11.9% compared to the end of 2021. This significant increase is clearly due to the level of interest rates compared to our cost of debt.
For the NAV NTA, it stand at EUR 89.8 per share, which represent a minus 5% compared to the end of last year. Again, it's the impact of the level of interest rate on mainly on the fees building valuation. Victoire will come back to that and will elaborate once again on the appealing structure of our liabilities and our hedging policy. We have to keep in mind that we will continue to benefit from both during the coming years. On the liability side, debt indicators continue to reflect the robustness of our balance sheet. Further reinforce in 2022. Slight improvement of the LTV at 39.3%.
A very ICR among the highest on the market at 6.4, and a very conservative hedging policy on 96% of our total debt. Let's now jump into the detail of our 2022 activities for each of our business line. Regarding, I'm not sure which one. Is it okay, this one? Yeah. Regarding our office portfolio, let me start by commenting the solid, very solid leasing activity with 200,000 sq m signed or renewed in 2022. Icade is probably the leading player in letting transaction in the office market in 2022.
This volume represent an annual rental income of EUR 50 million and an average lease term of roughly six years. This volume, also including two significant renewal with two of our major and long-term tenant, reflecting also our ability to keep our tenants on the long term that really do appreciate the kind of properties that we propose to them. The first one is Veolia, has chosen to renew 100% of its 45,000 square meters located in the north of Paris, in Aubervilliers, for an additional six years that will start in 2025. Club Med has also renewed their 12,000 square meters headquarter located in Pantin, where we had our investor day for an additional three years.
Important also to notice that we had no significant departure occurred during or announced in 2022. Let me also comment once again on the robustness of our tenant base. It is not a new fact, but more than 70% of our revenue comes from large companies of the CAC 40, SBF 120, or government agencies. I think that one of the strength of our office portfolio is clearly the credit rating of our tenants, with more than 60% of them that are ranked at a very low risk of credit. All in all, in the context of the significant volume of asset rotation, with more than EUR 1 billion of disposal since 2021, gross rental income stood at EUR 355 million.
It's a slightly negative figures reflecting, in our view, a very resilient operational activities for our office portfolio. Victoire will come back to the rental income and cash flow evolution in the financial section. A word on the financial occupancy rate. It stood at 88% at the end of December 2022, higher compared to the end of June. Also improving on the like-for-like basis year-on-year. I'm now moving on slide 12. We had a disposal volume of more than EUR 6,000 million in 2022, including 3 assets sold with an average cap rate of less than 4.5%. I think it's very satisfying and interesting figures.
Icade has achieved clearly the objective that we had set for 2022 in term of disposal plan. The asset rotation within the portfolio will continue. 2022 disposal plan is already 30% achieved with a little bit more than EUR 150 million under preliminary agreement with an average yield for office building around 4%. The liquidity of the market in our view is really still there. Icade has also been able, in 2022, to seize the opportunity during the second half of the year with the acquisition of a building called Defense Park in Nanterre, which is one of the favorite location in our portfolio.
We bought this building for EUR 63 million with a very appealing cash-on-cash yield, around 7%. Clearly, our acquisition team at Icade is able to source special situation and appealing opportunities. This building is fully let to first-rate tenants and present a potential for value creation through renewals and future redevelopment. Now moving to slide 13. A few words on our development pipeline. The started part of the pipeline represent, as of today, EUR 751 million and is made up of nine selective projects, which are pre-let at the level of 54%.
This level of pre-letting, which has significantly increased, include the three of the four project to be delivered in 2023 that are already fully let. Among this project in our pipeline, you will find a project to convert an office space into a data center in the Porte de Paris business park in the north of Paris, and it has been added in the started projects. Combined with the increased share of projects located in regional cities, this new data center project illustrate the acceleration and increasing diversification of the pipeline in 2022 in line with the current market trends. Let's now move to healthcare.
I am on slide 15. We recorded in 2022, a solid growth in our rental income, up 12% year-on-year at EUR 211 million on a group share basis. Clearly, this growth is mainly driven by the record acquisition volume completed in 2021 in France and also abroad including Portugal, Italy and Germany. As a reminder, acute and post-acute care sector remain the largest contributors to our rental income with 84% of the total healthcare rental income. In our view, it's a clear advantage in the current market. Acute care assets are performing probably better than the nursing home segment.
Our core investment thesis, as you know, at Icade Santé, focus on acute care asset and appear today more than relevant. Growth in our rental income was also fueled by indexation. As you could see, the impact in 2022 is +2.5%. Another achievement to note this year is that we managed to maintain a solid average lease break at circa 8 years, even with less new acquisition. Also, we successfully renewed 9 leases, leading to a +0.6 year impact on our weighted average lease break.
Finally, a quick comment on the robustness of the rental base with 85% of our rental income made of by healthcare operating companies belonging to the top five on their respective market, acute care or nursing home. These tenants are the largest and best-in-class operators, with namely Elsan and Ramsay, the top acute care players in France and Europe, Korian and Colisée, top operators in nursing home. These players are probably more stable and more resilient than the average, and this will contribute to the global performance going forward. To wrap up on healthcare, the solid 2022 performance reflects the more than resilient profile of the portfolio with regular and growing cash flow. Our slide on slide 16.
Now moving on slide 16, let's talk about our healthcare investment that we have closed in 2022. The portfolio valuation proved to be more than resilient with a +2.2% growth like for like. This figure reflecting the continued attractiveness of the asset class, especially for acute care facilities, is clearly based on a real market transaction carried out in 2022. With this new financial context, we had also to adapt our investment policy, and we remain more than very selective and very disciplined.
The volume of investment amounts to EUR 242 million in 2022, out of which nearly EUR 150 million were closed abroad, mainly in Spain and Italy, maintaining our roadmap towards international diversification. But we really fully assume this drop in investment volume due to the new financial environment. Let's move now to the third business line of Icade, property development with Icade Promotion, and I'm now on slide 18. Icade Promotion post, I will say once again this year, a very strong performance.
The economic revenues stood at EUR 1.26 billion, which is a +17% compared to 2021. This performance, still driven by a demand that remained very strong for residential, was also, as you could see, was also supported by a sustained commercial activity throughout the year with even an acceleration at the end of the year. Icade in 2022 has completed 78 commercial launches, 20 more than in 2021, in a market that remained clearly undersupplied. In this context, new housing order for Icade Promotion and for the period exceeded 6,000 units, 6,000 apartment, which is a growth of +10% in term of value and more or less stable in term of number.
The good result of Icade Promotion are also due to the office segment with the volume of office sale representing EUR 413 million in 2022. Regarding this figure, let me highlight once again two significant transaction. The first one is an off-plan scheme sold to Goldman Sachs in Romainville, east of Paris. You could be surprised to see Goldman Sachs at knew where is Romainville, but we sold them a building there, nearly 50,000 sq meters, significantly prelet to the French government. The second significant transaction is a refurbishment scheme sold to Union Investment of an existing office building in Lyon for more than 13,000 sq meters and representing a turnover of nearly EUR 55 million.
Important also key figures, at the top of the right of the slide, especially the operating margin, continues to improve at 6.2%, 120 BPS above the 2021 figures. We will come back to that. But clearly, Icade Promotion has been able to manage the topic of increasing construction cost and rising cost of financing. For the future, Icade Promotion combine and will continue to benefit from a very solid market fundamentals and a well-adapted offer based, I think, on the very strong expertise of the team and that are in line with the new market expectation. That's why our medium-term forward indicators are very well oriented.
The global medium-term revenues potential for Icade Promotion amounts to EUR 8.7 billion, that you could see on the slide, which is a figure up by 14% year-on-year. This figure includes the backlog, up by +6.5% and by +12% for the residential segment at EUR 1.8 billion. It also includes a controlled residential land portfolio, not acquired, but control, representing EUR 3.3 billion of potential revenue, up +14% compared to the same figure at the end of December 2021.
All the indicators of Icade Promotion are well oriented, and we are really confident in our in our capacity to reach the target for 2025, which is, just to remind you, a revenue of around EUR 1.4 billion and a margin close to 7%. I'm now handing over to Victoire for the detail of our financial results. Victoire, the floor is yours.
Thank you, Olivier. Hello, everyone. As Olivier said in his opening comments, Icade delivered solid set of result for 2022. Let's go into detail and comment the income statement of the Property Investment Division. I'm on slide 22. EPRA earnings for those divisions stood at EUR 382 million, roughly up by 6%. This reflects the combination of a continued growth in rental income by nearly +3% to EUR 565 million. Notice that also the net-to-gross rental income ratio remains at a strong level with almost 95%. The EPRA earnings solid growth also comes from an efficient management of operating and financial costs. To illustrate that, the EPRA cost ratio, excluding vacancy costs, improved during the year by 240 basis points and stood at around 10%, certainly remaining one of the lowest level in the sector.
Let's jump on slide 23 that shows performance by portfolio. First, the financial result for the Office Property Investment Division remained very resilient and solid. Fully in line and even above our 2022 budget, the gross rental income of the Office division stood at EUR 355 million, slightly negative compared to 2021 in a context of high volume of disposal, more than EUR 1.1 billion over the last 2 years. Excluding the impact of those disposal, the gross rental income of offices will be up nearly +5%. On a like-on-like basis, rental income remains nearly stable, reflecting an active management of rental activity in an office market under normalization. In particular, as Olivier said, we signed significant renewals since 2 years with historical tenants.
With under control reversion, average portfolio reversion in 2022, it's -2.9%, offset by a positive indexation confirmed at +3% on a full-year basis. We delivered solid EPRA earnings growth for these divisions, thanks also to a careful management of our operating costs. The positive evolution of the financial costs continued decrease in cost of debt on a full-year basis, combined with a lower volume needs in the context of this investment. Net debt decreased by EUR 300 million in this division. The EPRA earnings for the Office Division posted a steady growth by +5.1% at EUR 221 million. Regarding the Healthcare Division, all the indicators are well-oriented. Gross rental income grew by nearly 12%, mainly driven by 2021 international acquisition, as Olivier highlighted.
On a like-for-like basis, the growth is mainly due to positive impact of indexation, plus 2.5. The net rental income reflects a high net gross rental ratio above 97%. EPRA earnings grew by nearly 7% for this division to EUR 161 million group share. To conclude, our investment activity posted in 2022, one more time, solid growth. Let's now switch to the result of our property development activity, Icade Promotion. I'm on page 24. As Olivier has commented just before, Icade Promotion posted again this year a strong performance. The continued good momentum in term of commercial activity is clearly reflected in our results. Economic revenues grew by 17% to EUR 1.257 million, driven by both residential and commercial activities.
Revenue from residential segment rose by 14% to EUR 1 billion, that represent 83% of the total activity. This segment is particularly supported by strong demand, scarcity of offer globally in the market, and in the meantime, a well-positioned Icade Promotion offer. On top of a good commercial performances, I also want to highlight that we improve our operating margin by 120 basis points to 6.2%. It's not only because of increasing volume, it's also thanks to residential prices, which remains well-oriented, and also to the capacity to manage inflationary environment with an appropriate monitoring of technical costs. In the current context, it has also to be highlighted. Finally, Icade Promotion net loan cash flow to that EUR 37 million + EUR 13 million in one year. To summarize, what about the group net loan cash flow?
I'm on slide 25. We had a net loan cash flow increase by 7% to EUR 17 million, significantly up in one year, thanks to positive contribution of all the three business lines. Office investment net loan cash flow grew by +5%, once again, albeit a net disinvestor position and a more demanding letting market. Healthcare division generate a +6.6% growth in the net loan cash flow, driven by the full year effect of 2021 acquisition. Sorry, just a technical problem. As I mentioned just before. Sorry for this interruption. As I mentioned just before, the property development business record a sharp +43% increase in net loan cash flow.
On a per share basis, it represent an increase of nearly 6% to EUR 5.5 per share, above our last guidance revised last November. Let's now move to liability part, on which the company has continued a very active and optimized management through the year. It's fair to say that we managed to further reinforce the financial structure, even in the disrupted environment we know, high volatility and sharp increase in interest rates. First, as you can see, the average cost of debt continued to decrease. It is 1.25 for 2022, down year-on-year. It was 1.29 in 2021. Definitely, an historical low point. Among these main things that we have done during the year, Icade issue a 8-year maturity, EUR 500 million loan in January 2022 at a coupon of 1%.
Of course, also we took advantage of our strong hedging policy. We had limited impact of the rising interest rate in 2022. On that topic, taking advantage of favorable window in July and in December, we reinforced Icade Santé hedging position by subscribing EUR 350 million of derivatives. All in all, 96% of the total debt at the end of 2022 is either fixed rate or aged. Second topic on which Icade has been very active and even proactive, debt maturity. We decide last quarter of 2022 to continue to secure our debt schedule, and we renewed by anticipation credit bank lines with a 5-7 years extension in maturity for a total amount of EUR 200 million with our historical bank partner.
All done in good condition. With limited increase of less than 50 basis points on the credit spread, no impact on interest rate component given our hedging position. Right now, the next bond maturity is 2025. Of course, on Icade Santé side, 2023 will be focused on the refinancing of the bridged bond. We also put on appendix additional slides, including one on liquidity. Our liquidity position represent end of December EUR 2.5 billion, covering 3.5 years of capital and interest. To finish on liability management, let me tell you that 100% of Icade 2022 financings were sustainable. Don't hesitate if in the Q&A session, if you have any question on those topics. Finally, a quick view now on the key debt ratio. I'm on slide 28. Our LTV decreased by 80 basis points to 39.3%.
The interest cost ratio is now above 6 times at 6.4x. We have displayed on this slide the ratio followed by S&P, fully comfortable with a strong BBB+ rating. The net debt to EBITDA ratio continued to decrease at 10.1 times as of December. As a conclusion for this part, and as I had the opportunity to say it during the previous presentation, our balance sheet is, in our view, very well adapted to face the new financial environment. We continued in 2022 to reinforce it, and we will continue to do so in 2023 to maintain a comfortable BBB+ rating by S&P. Turning now to valuation part. The slide 30 shows the evolution of the valuation of the office and healthcare portfolio. First, a general comment for both portfolio.
While physical markets remained strong and well-oriented during the first part of the year with no sign of valuation slowdown, I remind you the valuation was up 1.7% like-for-like end of June, positive H2 valuation reflects the effect of the tougher financial environment and a more wait-and-see attitude on physical market. The value of our office portfolio stand at the end of December to EUR 7.7 billion group share. The -7.5 change on a reported basis includes the effect of the net disinvest position in 2022, as well as investment down 30% compared to 2021. It represented EUR 355 million versus EUR 452 million in 2021. It's one of the direct consequences of the new financial environment and a good illustration of our agility on investment policy.
On a like-for-like basis, the 4.8 decrease derives, as I showed just before, from appraisal value reflecting in H2. Let me highlight that in particular, the continuing solid momentum outside the Paris region and in business premises in our business parks. Even in the current context, we had positive like-for-like evolution on this part of the portfolio. Let's now comment the value of our healthcare portfolio, EUR 4.1 billion on a group share basis. While impacts on by a significant reduction in our investment policy, fully assumed, as Olivier said, the growth by 4.1 on a reported basis is mainly explained by the like-for-like growth by +2.2, driven by a dynamic H1 and a stable H2.
All in all, the portfolio end of 2022 represent an amount of EUR 18.8 billion group share and a total like-for-like evolution of -2.5%. On a 100% basis, the combined portfolio represent EUR 15.1 billion. To conclude this part, the slide 31 present the evolution of our NAV, EPRA NDV, and EPRA NTE. The solid operational and financial performances we have been commented are supporting of our NAV. Now, to be more precise, the EPRA NDV, EUR 7.7 billion, which includes on top of fair value of assets, the fair value of fixed-rate debt and derivatives, was up by nearly 12% to EUR 100.4 per share, reflecting the very attractive average cost of debt of the group over offering the evolution of valuation.
On EPRA NTA side, it stood at EUR 6.8 billion, EUR 89.8 per share, down 5% in line with the change in value of the property investment portfolio on a like-for-like basis. Just have in mind that the healthcare contribution represent EUR 2.6 billion, 38% of the total NAV NTE of the group. Detailed figure on healthcare are available on the Icade Santé website. Just a comment on the stock price at EUR 44.56 per share last Friday, a market cap at EUR 3.4 billion. The discount is above 50%. To conclude this financial section, a word on our dividend policy for 2022. I'm on page 33.
The board of directors will propose to the annual general meeting the payment of a dividend of EUR 4.33 per share, an increase of +3.1% compared to last year. This amount represents a conservative payout of 78.7% and a dividend yield of 10.8%. An attractive level indeed, but I will not comment again the level of the stock price. Still subject to the approval by the general meeting, the dividend will paid in two installment. The interim dividend of EUR 2.16 per share will be paid on cash on March 2. Final dividend will be paid early July. I now leave the floor to Olivier for the CSR result and the conclusion.
Thanks, thanks, Victoire. I'm now on slide 35. Indeed wanted to report on the concrete result of our ambitious CSR policy, which as you know, has been further strengthened in 2022, and in particular, our low carbon strategy. Just remind you that Icade has announced in the first quarter of 2022 an even more ambitious low carbon pathway, which has been approved by the SBTi in early October. The result that we have achieved in 2022 in term of reducing carbon footprint are well oriented across the three business line, as you could see on the slide.
Between 2019 and 2022, and just to remind you that 2019 is the starting point, the carbon intensity for office property investment was down by -29%, down by 4.5% for healthcare, and down by 5% for property development. Those results are perfectly in line with the 1.5 degrees pathway, and have been achieved thanks to a concrete action detailed on the right side of the slide. You have more information that are disclosed in the appendixes and in our dedicated CSR report.
Finally, I will take, I would like to take this opportunity to point out that Icade was also one of the 10 French listed company that has presented a Say on Climate and biodiversity resolution in 2022. The resolution has been approved by over 99%, this was a new milestone in Icade, in Icade's commitment to the fight against climate change and the preservation of biodiversity. Icade will submit a new resolution to the 2023 general meeting, detailing the result of the action that was taken as part of our CSR strategy. Now moving to slide 37 for the priorities for 2023. Again, I am on slide 37.
Based on the good result for 2022 in a particularly complex and volatile economic and financial environment, and in line with the 2023 outlook that we have presented at the end of November during our investor day. The priorities for 2023 are the following: for offices, clearly to focus on letting transaction. The market is rolling back to normal, but we will focus on letting transaction and also on disposal plan in order to continue the rotation within the portfolio, just in order to recycle the capital. For healthcare, as I said, we will continue a selective growth due to the new financial environment, and we will focus, I will say once again, on the liquidity of Icade Santé.
For property development, we will continue to deliver the 2025 roadmap, as you could have seen, the forward indicators are still quite well oriented. In CSR, no change, clearly the alignment with the 1.5 degrees low carbon pathway is a key priority for Icade. In term of finance, we will continue, as Victoire has said, to strengthen our balance sheet. This is the five priorities for 2023. It's now time to conclude with the guidance, and I'm slide 38. For the cash flow 2023, it will be stable to slightly up excluding, sorry, the impact of 2023 disposal.
As for the dividend policy, it will remain in line, will be with the net current cash flow evolution and with a payout ratio at circa 80%. It's now time to conclude. As you have understood, today is my last presentation of Icade results. Just want to say that we, with the team, are quite proud of the journey and the result that we have delivered since 2015. Just to remind you one figure. When we joined the company in 2015.
The cash flow for the year 2015 was at EUR 300 million. We finished the period with a cash flow at EUR 417 million, which is an increase of 40% over the period, including COVID, including the very special 2022 year. We are proud of those this result. Just want to say also that with the experienced team that we have at Icade, with the development pipeline, with the land bank of the company and all the other competitive advantage of Icade, I'm very confident in the growth potential and in the bright future for Icade. Thank you for your attention, and we are now ready to answer your question with Frédéric, Victoire, and the team.
There is one-
Thank you. Ladies and gentlemen, as a reminder, if you would like to ask a question, please press star one on your telephone keypad. Thank you. I'm handing it back to the speaker to take the questions from the room. Thank you.
Go ahead, Florent.
Okay. Hello, Olivier. Hello, Victoire. Thank you very much for this presentation. I would have three question. My first question on the offices. How confident are you now after the decline of 5% in the valuation of asset, how confident are you to execute your disposal plans in, at this value during the current environment of wait-and-see approach? In healthcare, we understand that you will also focus in 2023 on the liquidity event of Icade Santé, so will it be possible maybe to have more colors in terms of timeline and what could help you to take the decision to launch this liquidity event? Maybe my third question would be for Frédéric Thomas.
You seem to have a solid management team and experienced CEO. What has motivated for the appointment of a new CEO? What are you looking for in terms of profile for this new CEO and what will be his guidelines? Thank you very much.
Thanks, Florent. Frederic, you want to start with the last question, and I will answer the 2 after.
I need first to underline the fact that Olivier Wigniolle has led his 2 terms with great success, operating very successfully in the 3 business lines with a very strong performance in the office property investment environment, despite tough headwinds, with extremely great healthcare performance. There was very hard work done on the financial level, despite very adverse situations, which led the company to deliver a very robust, a very strong balance sheet. Let us not forget the extremely ambitious goals with respect to CSR, with respect to low carbon, knowing that this falls within a trajectory, and there is more to come.
After these very fine two terms, the board is actually not at all dissatisfied with Olivier Wigniolle's performance, and there's no diverging views at all between the board and the CEO. Considering that after these very two fine terms, on the back of a new strategic plan, it was now time to take a fresh look with a new CEO on board.
[Foreign language]
The first goal of the new CEO will be to submit a new strategic plan, which will be discussed and approved by the board of directors.
Thanks, Fred, for your answer. Back to your 2 other question, Florent. In term of disposal plan, that's the reason why we have started a little bit earlier this year, and we have already closed 30% of the target that we have in mind, which is always between EUR 500 million-EUR 600 million per year. I don't know if Emmanuelle, if you are as confident as I am. What I could say, clearly the market has entered into a bit of wait-and-see attitude during the last quarter, waiting for repricing for office building.
What we do see on the market is that still some buyers with liquidity, especially, you know, retail asset manager. I think that the kind of properties that we have in our portfolio with cash-on-cash return between 5% to 6%, clearly, they fit quite well with their investment criteria. In my view, let's see how the market will move, but my view is that, you know, when you have office building with this kind of cash-on-cash return, the impact of the increasing interest rate and also will be more limited than on, compared to asset which are very low cash-on-cash return. Let's see. That's the plan, you know, to dispose EUR 500 million this year.
We also do that because we want to make sure that our valuation are clearly close to what are the market pricing. Again, the kind of asset, clearly the market is risk adverse. What we do put in the market is core office building, you know, brand new or refurbished office building with midterm, long-term cash flow, good tenants. That's what we have already done, and we will continue. Let's see in July, let's see by the end of this year, what will be the final volume and what will be the pricing, you know. Again, more than EUR 150 million has already been achieved.
Health care liquidity, it's for sure, it's let's say like this, a long story for Icade because the initial plan was to do that in 2020. For COVID-19 reason, we had to postpone that once in 2021. We tried to deliver the IPO in September 2021 for the reason that, you know, it was not possible. We had to postpone that in 2022. Clearly, the market, the war in Ukraine, the shock on the financial in the financial environment made that 2022 was not possible again. I really do think that 2023 will be the year of the liquidity event.
The only comment I will make on that is that IPO will not be the route that the board and the management will choose because clearly, even if the situation is better, we don't think that the context is appropriate enough to launch once again an IPO. We are studying, as we say, other scenarios or scenario, Victoire. I don't know which this is the appropriate wording. Other question in the room or by telephone or by email, Cherry? I don't know.
If there are no questions from the room, we'll take the first question from the audio. From Stéphane Afonso of Invest Securities. Your line is open. Please go ahead.
Yes. Good morning. Thank you for taking my questions. Maybe the best way is to go through them, one by 1. The first one on the Office division, what can we expect for the vacancy rate by the end of the year?
Emmanuelle, do you want to answer?
The vacancy rate at the end of the year is expected stable.
My second question, also, on office division, and also on the ongoing review of the Paris European City Plan, PLU. Some offices could be impacted by change in their use. To what extent are you exposed with the PLU review, and also what about your Marignan project in the Champs-Élysées?
We don't have any building concerned by the new PLU bioclimatic. We have only two assets in Paris, in Paris Center. For Marignan on the Champs-Élysées, we are not have pastillage because of the new PLU of Paris. We are not concerned.
For those who are not specialists, the point is that the city of Paris is intending to release new urban planning regulation with a significant request to have social housing in the middle of office building. No political comment on that. It may impact the valuation of some office building. As Emmanuelle said, it's not, that will not be the case for our portfolio.
Okay. Thank you. Regarding your office pipeline, could you elaborate a bit more on your original cost? I understand that it didn't change that much at 5.3%. It seems that you don't have much lever on target rents and target costs, and also your average cap rate on offices is already at 5.4%. In that regard, could we assume that you will not create value on this project? If the cap rate continues to increase, is it fair to assume that the value creation will be negative?
You want to answer? Just before the answer of Emmanuel, it is true that, you know, it takes time, you know, to launch office projects. When you launch a project in 2022, 2021, and the market is moving, we had to cope with the evolution of cap rate, but also we had to cope with the increasing cost of those project. I can confirm that as of today, even if it's, you know, it's fair to say that the value creation will be more than limited compared to 2 years ago, for sure. We have no project where we have to face, you know, a negative result of the development.
Just to understand, at this stage, how much of the value creation of the project is already embedded in your accounts?
No, we don't. You know, we have a valuation process, so there is no value creation taken into account in the NAV or in the PNL. Those projects are also valuated by external expert, and they do take into account the real cost of the project and also their anticipation of the cap rate at completion. In terms of rental revenue, it depends if the building is prelet or not, and they take into account. If it is prelet, what we do sign, and if it's not, it is their anticipation of what will be the rental value.
I don't know if we have in mind the value creation at the end of 2022, if we compare valuation to the cost of project. We will revert to you with the precise figure.
Thank you. Finally, on the healthcare division, according to the press, we understand that French hospital, public or private, are facing a sharp increase in their cost base, also they are asking for a sharp increase in their price. Also we understand that 30% of private hospitals are in deficit. My question is, how many of your acute care assets are in deficit in France, and how confident are you with your current level of rent?
Xavier, you want to understand? To answer, sorry. To understand, for sure, but also to answer.
Well understood. Good morning. Indeed, French hospitals are facing increases in their cost structure due to salary inflation and other costs inflation. As you know, there is a campaign for setting the new tariffs each year on March the first. It's, let's say, cooking for now at the government level. There will probably be an increase in tariffs. The question is always how the global level of expenses is managed by the French government and balanced between increases in volumes and increases in prices. We expect the global turnover of our tenants to continue to increase, as has been the case for decades.
There might be some impact on the profitability due to a lower or higher indexation of the costs compared to increase in prices. We see it's a bit early to answer correctly this question as the tariffs are set only in early March.
Regarding deficit, you don't have any assets that are in deficit right now?
What we are monitoring is the operational profitability, the EBITDA before rent compared to our rents. We have only limited cases where this ratio is proven to be unsatisfying. Otherwise, it's no, it's globally under control. We still have reported good figures on that topic since our reporting for year 2022.
Okay. Maybe one last question on Icade Promotion. Could we have an idea of the stock of projects that is launched or completed but still not sold? Also, how has it evolved in the last year?
We have made 78 launch, commercial launch last year. It's 20 more than 2021. This supply is well positioned on this market. The market is still under supplied. We have already sold the half of this offer, and the pace of sales is quite good. We have adapt our sales price to have a good commercial rate.
We have, nearly one year of sales in offer. Not more. We have 30 apartments in stock. It's nearly EUR 10 million.
The value of the stock, which is completed but not sold, is more than limited. It's close to 0, and I will say it's probably the case. The performance of Icade Promotion is really good, but it's the case for most of the developer. No stock, you know, completed but not sold, because, as Emmanuel said, the market is clearly under undersupplied. There is 1 other question by phone. Yeah, go ahead.
Yes. We'll now move on to our next question from Jonathan Kownator at Goldman Sachs. Your line is open. Please go ahead.
Thank you. Good morning. Thank you for taking my question. The first one would be please on renewals and relettings, both in offices and in healthcare. Obviously, you've had a number of successes in your recent renewals. Could you comment on the reversion achieved, on the leases separately, please, on offices and also on healthcare, given also the previous question that we had, on the increasing cost for operators? Thank you.
Xavier, do you want to start and then, Emmanuel?
Okay. Let's start with healthcare. Good morning, Jonathan. Regarding reletting on the healthcare portfolio, generally we achieve to maintain the last level of rent, frontal value. Then we commit generally to additional CapExes, without necessarily these CapExes to yield an additional rent. I would say the reversion, to put it in simple terms, it would be zero on the so neither positive or negative, nor negative. In some, let's say specific cases, we may enter into a discussion about lowering a bit the level of rent, but that's only for, let's say special cases. In 2022, it was not the case.
How much is the CapEx as a % of the value of the lease usually, please?
What we achieve, depending on the situation, but the last known situation, it was. I will check exactly between 5% and 10%, but I will check exactly the number.
Okay. There's no other incentives that are provided in the rent, right?
No.
Okay. Thank you.
Emmanuelle, for offices?
For office portfolio, this year we managed to renew the 22 leases. It's representing, more, almost 100,000 square meters. It's always signed with a slightly level above market level with lease incentives in line of the market conditions. The negative reversion of these renewals leases represent, around minus 3% of reversion.
Thank you, Emmanuelle. I think we have some written question. There is one for you, Victoire. How do you see the evolution of the cost of debt, by the end of 2025 for Icade?
Clearly, as I said during the presentation, 2022 is a low point, so it mean that we will forecast a slight increase in our cost of debt, depending of course, what we will be able to do during the year. Clearly the trend is an increase for 2023.
There is another written question, which is, do you think that the disposal plan will be sufficient enough in order to keep the LTV at the current level? I will answer the other way around. I think Icade is adapting the disposal plan in order to make sure that the LTV ratio will not increase. Based on the question of Florent, we will adapt what will be the valuation of the market, and then we will adapt the volume of disposal run, because clearly in term of financial policy, in order to keep the LTV ratio stable or not to say to have it slightly decreasing is clearly the target for Icade.
Cherie, do we have a last question by phone? Good. Go ahead.
Yes, we do. We have a question from Marie Dormeuil at Green Street. Your line is open. Please go ahead. A line dropped, I'm not sure. We'll move on to another question from Celine Huynh at Barclays. Your line is open. Please go ahead.
Hi. Good morning. I have a question for you, Olivier. Olivier, you're leaving in the middle of a strategic plan. What does that mean for this current strategic plan? Should we expect a new CEO to set a new one? That would be my first question. The second one, on a more personal note, Olivier, what are your plans for the after Icade? Thank you.
Well, I am registered for the Marathon des Sables at the end of April. That's the first target for the end of April. No, you know, I think as Frederic said, you know, the end of my second mandate is the end of the strategic plan. If you look at the history of Icade, you won't find any CEO that has made more than two mandates. I don't know if it's the story is repeating again, but that's two. I think it's fine because it fits, we know, with real estate cycle. Clearly, 2023, we are entering a new, a new cycle. It's not me.
With the team, there are proposal on the table, you have to adapt the proposal, you know, to what is the new cycle, which is clearly, and you could say unfortunately, a downward cycle, I think, for real estate and clearly for probably for the next two-three years. That's a matter of fact. I think it will be the role of the team and the new CEO to. I think it's a good thing, you know, to wait a bit before to have a new strategic plan, because you just don't know exactly what will be the final outcome of the market.
In fact, to have, you know, a year 2023, a bit like a transition year, I really do think it's quite well adapted for a company such as Icade, because you have to wait a bit. If you look at some of my colleagues, they have said that also they will postpone before to release a new strategic plan, because a plan makes sense when you know exactly where the market is going. Frankly, for the time being, there are a certain level of uncertainty. After the Marathon des Sables, regarding myself, I am just around 60, so the plan is not to retire, but it's a bit too soon to make any announcement.
Thank you very much, all of you, for having attended this presentation. For those who are with us, you have a coffee and a buffet. Thank you very much. Again, if you have any other additional question, do not hesitate to send them to the team. We will be more than happy to revert to you.