Hello, and welcome to this call on the Icade results as of March 30th, 2021. My name is Rosie, and I'll be your coordinator for today's event. Please note this call is being recorded, and for the duration, your lines will be on listen only. However, you will have the opportunity to ask questions. This can be done by pressing star one on your telephone keypad to register your question. Alternatively, you can submit your questions at any time via the webcast. If you require assistance, please press star zero and you'll be connected to an operator. I will now hand you over to Olivier Wigniolle, CEO, and Victoire Aubry, CFO, to begin today's conference. Thank you.
Good morning. Good morning, everyone. Olivier Wigniolle speaking. Thanks for joining this call today. I'm going to present our Q1 results with Victoire Aubry, our CFO, and the presentation will be followed by the Q&A session. I hope you're all fine and safe. Personally, I'm just out of my COVID-19, so not a great experience, but I'm fine. We have disclosed our revenues for Q1 2021 on Friday afternoon, after our general meeting. Maybe before to start the presentation, let me remind you what is the sanitary situation in France as of today. As you know, we have a third lockdown in France that has started at the beginning of April, and that is supposed to end the 3rd of May, subject to further notice by the French government.
Let's say like this, it's a smooth lockdown, quite comparable to the one that we had during last November. The main topic, the main consequence for Icade is that we don't have a shutdown for our construction site, so it's clearly a good news. On the other hand, with the lockdown, it's difficult for sure to organize a visit for office premises. Our marketing suites for residential schemes are closed by request of the government. The impact on residential is limited as we have a full digital marketing process for our residential scheme. As you know, in France, vaccination is now an ongoing concern, reaching its cruising speed with more than 20% of the French population that have received the first vaccine injection. Probably, good news by the end of the summer 2021.
Just to summarize, it is clear that sanitary situation is not over and back to normal, but let's say that we are now used to it, and that Icade teams have learned how to manage such a situation. Let's go to slide four now to start the presentation. What are the key points for our Q1 figures in term of revenues? Headline revenues at the end of March, they grew by +44% compared to 2020, amounting to EUR 392.5 million. For sure, Q1 2020 was a special period with the beginning of the pandemic at the end of February 2020, and one month of Q1 2020 was already impacted by the crisis. Therefore, I think it is also quite relevant to compare our 2021 figure with Q1 2019, and it represents also a significant increase of +30%.
Our global figure of EUR 392.5 million is a blended figure. If we go more into the detail, for our investment portfolio, our revenues amount to EUR 171.5 million, up by +1.5%. For the office property portfolio, I would like to highlight the good dynamic leasing activity. More than 65,000 sq m were signed or renewed during Q1. The rental income is close to stable, - 0.6% compared to Q1 2020. We had a very high level of rent collection during Q1 2021, above 97%. I would like also to highlight that, as announced earlier, in February, for the preliminary agreements, we have also completed two asset disposal for a total of EUR 320 million, so it's a significant amount, plus 6% above NAV at the end of 2020. Also, I think, interesting to highlight that it's in line with NAV at the end of 2019.
Just to remind you also that rotation within our office portfolio is one of our top priorities for 2021. Regarding the healthcare division, for sure, the asset class is still more than resilient with revenue that are up by +4.7%. We are still focused on the growth of the portfolio and the pan-European expansion. In this respect, the first acquisition that we have made in Spain, it's a good news. It's the fourth country for Icade Santé after France, Italy, and Germany. For Icade Promotion, our development subsidiary, thanks to the very strong demand for residential in France, the figure of this quarter are really strong. Revenues amount to EUR 317.4 million, up by +115% at the end of March compared to 2020. Maybe also a very interesting figure for new orders, up by +126%.
Just to remind you that Icade Promotion, our development subsidiary, was the activity that was the most impacted by the COVID-19 crisis in 2020, because of the shutdown of our construction site for two months and a half. As I said, in 2021, even with a third lockdown, our construction site are still functioning, and therefore we will be able to book 100% of our revenues. One word about our liability side. We have kept on optimizing the company's funding structure in very favorable condition. We have issued, beginning of January, a 10-year, EUR 600 million bond, with an annual coupon of 0.62%, which is an historical low cost for a 10-year debt at Icade. We have used this fund mainly to optimize our liabilities, early redemption of the bond maturing in 2022. That was with a coupon of 1.87%.
Also the early redemption of a bond maturing in April 2021 with a coupon of 2.25%. Important also to highlight that our next significant debt maturity is now only in 2023, so clearly, we have absolutely no liquidity concern. My view is that our Q1 figures reflect, I think, the resilience of our business model with three different activities. Icade are now, more than ever, fully mobilized to go to the crisis and to cope with the COVID-19 crisis. I will come back to guidance and dividends with the conclusion. If you go to slide five, so you have the detail of the figures that I have commented, with the split between offices, healthcare, and development. Now, Victoire, the floor is yours for more detail and comments on our activities.
Thank you, Olivier. Good morning, everybody. To echo Olivier's words, let me elaborate on the operational performance of our business lines. I'm now on slide six and share with you the main KPIs of our office investment division. Let's talk first about leasing activity. Two figures reflecting the dynamic asset management job done during the first part of the year. First, a total achievement of 65,000 sq m signed or renewed since January 1st. Thanks to continued proactive crisis management with our tenants, at the end of March, more than 85% of the 2021 break options were estimated to have been prevented or covered by the signing of new leases. In addition, the collection rate, nearing 96%, reflecting also, as we put forward a lot in 2020, the solidity of our tenants base.
I want also to underline the resilient rental income despite the health crisis and the shrinking rental market align with our expectation. Around EUR 94 million, EUR 93.5 to be precise, down -0.6% on a reported basis. It remains solid, especially under the current circumstances. We have a like-for-like 2% decrease due to a slightly positive indexation and some expected departure. It's fair to assume that it should keep declining this year. On one hand, we are confident on our capability to hold our existing tenants, and on the other hand, it may be more challenging to attract new tenants in 2021. Another evidence of what I'm saying regarding the solidity of our tenants profile is another financial KPI key for us, credit default rate that stand now below 1%. Talking about occupancy rate for this division, it's quite stable at 90.4%, -1.4 points on a like-for-like basis.
This indicator illustrates also the resilience of our office investment portfolio. Let me highlight that no significant tenant departure has been notified in Q1. Second topic I would like to highlight, development pipeline and investments. A very active quarter also with two major deliveries representing more than 80,000 sq m. Firstly, Icade handed over Technip Energies' new headquarters, Origine. Nearly 51,000 sq m of office space in Nanterre, a very attractive and dynamic location. This important investment, nearly EUR 450 million, illustrate our office investment expertise in developing major office projects. With its hybrid timber concrete structure, the Origine project is also at the apex of Icade's Low Carbon expertise, and hence at achieving the highest levels of French and international environmental certification, fully in line with our Low Carbon strategy.
At this stage, 80% of the new space is leased, and Icade's team, of course, are fully committed to secure total floor area. The second main delivery from this quarter, the new Latécoère headquarter, a 13,000 sq m building in Toulouse that is fully rented. Including those two completion projects to be completed by the end of 2021, are 63 Elix. Last topic I want to share with you regarding the office division, asset rotation that has actively resumed. Olivier has previously referred to the disposal we made. We had announced during our annual results the preliminary agreements as part of the 2021 disposal plan and the resumption of opportunistic disposal of core and core plus assets in the office portfolio. We are happy today to confirm those two transactions totaling more than EUR 320 million.
First, sale of the Le Loire building in Villejuif, Val de Marne, on April 18, 2021, to an institutional investor from the insurance sector. Built in 2010, this building has a floor area of around 20,000 sq m and is fully let with the French bank LCL. The second one, sale of the Millénaire 1 building in Paris on April 21, 2021, to a real estate investment fund manager by Brookfield Asset Management, a world leader in real estate asset management. Built in 2007, this 29,000 sq m building located in the Millénaire business park in the 19th district of Paris, is fully let to two first-rate tenants from the financial sector. These sales were completed at the +6% premium to 2020 NAV. Meaning by that, +6% regarding the global asset value end 2020.
They are the first milestone of a EUR 500 million-EUR 600 million objective of the disposal plan for 2021, a volume in line with the average we have done during the last three years. Besides, in terms of active acquisition, we just signed a value add opportunistic operation in Nanterre, right next to La Défense in an area we know very well. This asset offer high potential for value creation through its future redevelopment. All in all, we can say that our office investment division remains very agile to meet the challenges of the current market environment. Going forward on page seven is a focus on the healthcare division. As we said earlier, this year and the year before, the impact of the COVID-19 crisis has been very limited on this non-cyclical asset class portfolio.
Let me remind that healthcare operators are strongly supported by government measures since the beginning of the crisis, and that those measures have been extended until June 2021. The figures confirm very favorable indicators and continued expansion. Let me talk about our gross rental income first. Our GRI this quarter amounted to EUR 78 million, up +4.7% on a reported basis, fueled by acquisition carried out in 2020 in France, but also in Italy and Germany. On a like-for-like basis, revenue are up 0.4%. In term of geographical breakdown, France gross rental income at EUR 72.3 million, +2.3%. International gross rental income increased to EUR 5.7 million. Occupancy rate is still at 100%, as well as rent collection, with no impact at all of the crisis. Furthermore, we benefit also from solid portfolio of tenants that are long-term committed, WALT at 7.3 years.
It is stable compared to December of 2020. On average, it's 26.6 years as far as assets located in France are concerned, 16 years abroad. The investment market momentum remains strong in this division too, and we continue to be active in our view. Growing in France and abroad is one of our objectives this year by maintaining a steady number of projects, sales and leaseback or off-plan acquisition, as well as diversifying our partnerships. In France, our investment in Q1 amounted to almost EUR 44 million. Let me illustrate with the 18.6 operation for the acquisition of Les Dentellières facility located in Valenciennes, operator Elsan. In addition, we also invest nearly EUR 20 million in the French development cycle. In Europe, Icade did our first acquisition in Spain with a preliminary agreement with the Amavir Group to acquire two nursing homes in Spain for EUR 22 million, including duties.
This is a milestone in the healthcare property investment division's international expansion strategy and brings amounts invested outside France in the end of 2018 to nearly EUR 750 million. All these metrics confirm Icade's healthcare attractiveness to the continued and rigorous growth of the business line, and are good news for the future this year and beyond. I'm talking about our third business line. I'm on slide eight, property development or development subsidiary for external clients. As Olivier said previously, the business recovery is here as we expected. As largely put forward in 2020, the revenues and operational sales indicators were heavily impacted by the crisis and the stop of construction sites during two months and half. As highlighted on this slide, variation compared to Q1 2020 are quite dynamic when compared to 2019 also. This performance is not only a question of catch-up.
Q1 2021 economic revenue grows by 128% year-to-year to nearly EUR 250 million, but also +56% growth versus 2019. Several positive impacts can explain this strong upturn this quarter. Construction projects progressed faster than in previous year over the same period, but also sales of projects nearing completion, which typically have strong positive impact as revenue is recognized using the POC method, Percentage of Completion method, were also substantial. Thus, revenue from the residential segment rose by 136%, at EUR 207 million in Q1 2021 versus EUR 87 million in Q1 2020. Concerning the office segment, revenue grows by 92% this Q1 at EUR 441 million. If we look at the order on Q1, the indicators are also well-oriented, +126% in terms of new order, +96% in value terms. I want to mention the strong progression of the notary sales too.
As you can see, the jump by 92% versus Q1 2020 and +5% versus Q1 2019. This growth partially explains the rise of the residential segment I just mentioned. In addition, with a sharp year-on-year increase in construction starts, +38%. Looking at leading indicators that remain well-oriented, confirming growth potential. A backlog of EUR 1.4 billion, down slightly compared to December 2020, resulting from accelerating revenue recognition in Q1 2021. On a 12 rolling months basis, the trend showed solid performance with a backlog up by nearly 10%, driven by the residential segment, +16%. An additional potential of revenues of EUR 2.2 billion deriving from a residential portfolio that we do control through option of preliminary agreement. It comprise 10,902 units. These potential revenues, excluding taxes, represent an increase of +4% compared to December 2020.
In total, Icade Promotion potential revenues stand at EUR 6.8 billion in the five coming years. On top of that, we noticed last year that the market profile of investor has evolved during the year with institutional ones back to the residential market. The appetite is confirmed on the first quarter again, with institutional investor representing more than 50% of the orders. Regarding this matter, let me mention as an example, the Athletes Village project in Saint-Ouen that is totally 314 units, business premises, retail units, a residential with services, and a student residence. Last but not least, Icade is also very ambitious in term of low-carbon construction and aims at being best in class regarding that topic.
Through the creation in early 2021 of its subsidiary, Urbain des Bois, specializing in low-carbon construction and home personalization, Icade Promotion is stepping up its involvement in timber construction, one of the driver of its low-carbon strategy. The objective is to realize EUR 100 million revenues end of 2025. To conclude on that activity and on the back of a demand that remains structurally high, we are ready to address the challenges and are in line with our 2025 ambition roadmap.
Thank you very much, Victoire. Let's go now to slide nine to conclude this presentation on our Q1 results, 2021 revenues. As we did say in February, we are very clear priorities for 2021, and we are stick to that. Just let me recall them. The first one is with respect to the office portfolio. It's to focus on portfolio rotation and value creation deriving from the development pipeline. We have completed two schemes during the Q1 2021, Origine and Latecoère, as Victoire said. Both of them were 100% fully let. We will have another one in June 2021 in Nanterre, fully let to Groupama. The last one will be Fresk, 20,000 sq m of offices, that will be completed Q4 2021. Still not pre-let, ongoing discussion.
On healthcare, we are focused on further growth and international expansion, and we are working on the preparation of a liquidity event, again, as we did say. For development subsidiary, you could have seen, I think, the interesting figures for Q1. It's clearly our priorities for our development subsidiary, is to increase revenues, but also to achieve higher margin. Our CSR priorities is clearly the acceleration of our low-carbon strategy. It's called Low Carbon by Icade, and we have presented the detail of that in February. Our fifth priority is the operational implementation of our purpose in our different activities. I think it's also an important topic for the team. The first quarter in diversity, I think in our view it's quite solid and confirm, I think the resilience of our business model, which is a mixed business model with three different activities.
In addition, clearly the beginning of the year has been very active for Icade, especially in terms of new letting for offices. You have seen the figures. As I said, the completion of two schemes, the asset disposal for more than EUR 320 million, further growth in Italy and Germany, first acquisition in Spain for healthcare, and clearly a development business which is quite well oriented. On top, we have been able to continue to optimize our balance sheet in terms of financial condition. It is clear that even if the sanitary crisis is not over, it is clear that probably 2021 is still, it's like this, a challenging year. We are very confident that we will achieve the target and objective that we have announced for 2021.
With regard to our guidance, we do confirm the guidance and that the 2021 group net cash flow per share is expected to grow by around 3%, excluding the impact of 2021 disposal. I think it was important to give a clear view on the evolution of the dividend. The 2021 dividend for Icade is expected also to increase by +3%, which represent a payout ratio close to 83%, and the distribution of part of the capital gain deriving from disposal. That's the end of the presentation of our Q1 revenue. Now Victoire and I are ready to answer your questions.
Thank you. As a reminder, if you would like to ask a question, please press star one on your telephone keypad and you'll be advised when to go ahead. Alternatively, you can submit your question via the webcast. Our first question comes from the line of Florent Laroche-Joubert from ODDO BHF. Please go ahead.
Hi Olivier Wigniolle, hi Victoire Aubry. Thank you very much for this presentation. I would ask two questions, if I may. First question, you have been able to tell us that you have secured 5% of an addition of break option. That means that there are still 15% of break option to be secured. Could you please give us maybe more color on your confidence to secure them during the year, or during the next month? That would be my first question. My second question would be on Icade Santé. You have told at your annual results that you were in discussion for the potential acquisition of EUR 1 billion of assets. We have been able to see that you have done EUR 70 million of investment in Q1.
Could you please maybe give us an update on the amount of transactions that you are looking? Thank you.
Okay. For your two question, maybe start with the second. We are at an extensive, a rolling volume of investment under review, close to EUR 1 billion. You know what is the volume of our acquisition plan. It was EUR 2.5 billion between 2019 and 2022. We have already closed 60% of that at the end of 2020. I think we have a sufficient pipeline to reach our growth ambition. Nevertheless, market is quite competitive, and we try to really stick to our investment criteria, in a world for asset where you have a lot of new competitors coming to the market. I will say that even the pipeline is growing because due to the increase of valuation, I think that more and more operating companies, some of them are thinking to stick their real estate asset on their balance sheet.
Most of them are thinking to outsource their real estate portfolio due to the fact that market condition are quite favorable for vendor. We are confident with the fact that we will be able to deliver the acquisition plan, that we will be able to continue the pan-European expansion. That could be maybe to open a new country in 2021. For your first question about the break option for office building, I will make several comments. The first one is that the remaining part, a large part of that is linked to two office building in Lyon, fully let to Framatome. We knew before the beginning of the crisis that they will leave the two building in Lyon. Even when we did acquire those two assets, it was with the ANF transaction in 2017. Framatome already launched the building of a new headquarter in Lyon.
Those two building will be vacated, and we know exactly what we will do with those two projects, two redevelopment, best location in Lyon, very close to La Part-Dieu station. It means that the remaining 30% of break option of 2,000, we have a little more to secure, but not that much because a large part of that is linked to those two building in Lyon. I will make more a general comment on the office letting market transaction. The first one is, I am sure you have seen the figures released by real estate brokers. Clearly, to move to a new headquarter is not the top priority of most of the corporate in 2021. If you look at the figures for the price letting of this market, it is - 30% compared to Q1 2020. That is the general picture.
It's still very difficult to organize visit of office premises. That explain the fact that we have a slight decrease of the occupancy rate. Our feeling, our view is that it's better compared to the second part of 2020 market condition. In term of large transaction, we have seen more large transaction in Q1, 13 compared to 10 in Q1 2020. It's a bit better, but I think we will have to wait the second part of 2021 before to go back to, let's say, a normal market situation. It's clearly linked to the sanitary situation. As you probably know, corporate are still requested by the French government to do as much as possible work from home. It's clearly not a normal situation. We are, let's say like this, we are quite confident and positive.
We have, I think, interesting discussion on new scheme also, which is something new in terms of relating two years or three years in advance. But it's clearly not a normal situation. So I think, maybe to wait, again, six months before to have a normal market leasing activity, it's what we do have in mind for the time being.
Okay. Thank you very much.
The next question comes from the line of Véronique Meertens from Kempen. Please go ahead.
Good morning, all. Thank you for the presentation. Maybe just as a checkup point. The vacancy rates, as you said, okay, it might be hard to attract new tenants. Can we expect the vacancy rate to not improve over here and even get a little bit worse as the two assets in Lyon will be transferred to the development pipeline? I was curious what you're seeing in terms of reversion rates for the portfolio. Lastly, can you elaborate a bit on the long-term dividend strategy? Is the 83% payout ratio something that you want to stick to in the coming years as well?
Okay. Regarding the occupancy rate, as I commented just before, we had a slight decrease. It's minus 1.6 points, as I said. It's mainly due to a completion we have done last year at the end of the year, which is not already fully rented. Of course, the asset management teams are very concentrated on the objective to pursue the occupancy rate of these buildings, which is in Marseille?
Lyon.
In Lyon. Which is in Lyon. That is the main reason of the evolution of the occupancy rate regarding the first part of the year. Of course, there is another impact, which is the completion of Origine, which is already let at a level of 79%. Of course, it is the second main reason of the slight decrease of the occupancy rate. As I said, one more time, teams are very focused on our ability to complete the occupancy of this building as soon as possible. Regarding your second question, which is about the option we offer this year with a scrip dividend for the 2020 dividend.
Of course, so far the board decide to propose to give you a global view of the trend of the evolution of the 2021 dividend, that it's perhaps a little bit too early to precise if they want to continue to renew this scrip option. What we can say so far today is that, in our point of view, in the current context, it's a good option to contribute for the shareholders, to contribute to reinforce the global balance sheet of the company. It should represent this year, if there is 100% subscription to this option, an additional equity of around EUR 120 million. Clearly, it's a good thing in term of balance sheet management. As I said, so far, it's a little bit too early to precise if this option will be reconduct for the 2021 dividend.
Okay, thank you. Maybe, lastly, on the reversion rates that you currently expect or see for the office portfolio.
We expect a slightly negative evolution regarding the reversion rate. It's difficult to say, what we can observe regarding the first part of the year, it's around minus 2%.
Okay, thank you very much.
I don't know if we have additional questions.
Okay, thank you. Our next question comes from the line of Céline Soo-Huynh from Barclays. Please go ahead.
Hi, everyone. I just have two questions. The first one would be on the office acquisition that you've done in Nanterre. Can you comment on the rationale and how much you've paid for it? The second one would be on Icade Promotion. How did the profit margin compare to 2020 and 2019? Appreciate you do not disclose the margin in Q1, but just a brief comment whether it is getting worse or better. Thank you.
On the first one, the rationale for the acquisition of a value-add building. Our job is to recycle the capital on the office portfolio, so it's disposal in order to finance new development or new acquisition. This specific building is located on a location that we really do like, and we really do like it because we do think it's probably one of the best location of the greater Paris area. It's a location that we know perfectly well, where we do have a lot of assets, very close to the Origine project. The building is, for the time being, fully let to the public tenant that will leave the property probably in three years from now. Acquisition has, I think, quite appealing cash-on-cash cap rate. It's close to six. A building that has to be refurbished to be restructured when the tenant will leave.
It's clearly a value-add opportunity. That is clearly our job, to create value. For the first three years, we will have the cash flow coming from the fact that the building is relet, and for that, we do think we should be able to manage a redevelopment project that should deliver a double-digit IRR. That rationale is clearly a rotation within the office portfolio.
Sorry, did you say a yield of 6%?
Sorry?
Did you say a yield of six-
Around.
Around 6%.
Around.
Did you get a discount on it or not?
A discount on what?
A discount on what?
On asking price.
Well, I think-
For this asset.
We are still under the preliminary agreement. We can't comment too much. I think it's clearly an interesting acquisition on a location that we do know perfectly well. We know exactly what are the potential tenants, the rental values, and so on. We have really good cooperation with the city of Nanterre. No clue about the fact that we should be able to get the building permit and so on. It's a limited transaction around EUR 60 million. It's really, I think, quite interesting, and maybe we will do some more transactions of that kind during the year if there are interesting opportunities. On margin, I think we can't compare 2021 margin.
Which one?
With 2020 due to the fact that, due to the POC method, margin in 2020, they were close to zero with a cashflow in 2020 for Icade Promotion that represented EUR 2.5 million. More than unusual year for Icade Promotion. Our view is that we should be able to do close to the same level of 2019.
on an average midterm trend, which is to increase that. I think the market is there, clearly, in terms of demand. In order to be able to achieve the margin, you look the margin at two different level. You have the level of scheme by scheme and gross margin should be around 18%. After that, you have the overall margin at the level of Icade Promotion. Here, the question is the volume. As we said, reducing the volume is quite well oriented. I'm sure you have in mind that the only concern that we have at the level of the market is that the overall volume of building permit that we should be able to get, due to the fact that, let's say like these local authorities are maybe a little bit more reluctant to grant building permit.
The challenge for Icade Promotion is not now. I think we are back right on track, at the level of each scheme. It's more a question of volume. You probably have in mind that in 2020, the market building permit for the entire market, it was minus 21% compared to 2019. There is a debate on the French market and with local authorities on the volume of building permit. For the time being, as Victoire said, forward KPIs are well-oriented.
We are looking at how the situation is evolving. Maybe you have seen some comments from our colleague of Cogedim & Bouygues that have released their figures two weeks ago. They were very concerned about that. We are probably a little bit less concerned due to the fact that the activity of Icade Promotion is mainly concentrated on large scale that are initiated and monitored by local authorities, and therefore, they can't stop them or they can't renegotiate them. It's clearly a point for the residential market. Again, it's not a question of demand. Demand both from private clients or institutional clients is really strong.
The question is more the supply, and the supply comes from building permits. It's not a question for us for 2021 or 2022. It's more a question, is a trend will remain the same? It's more a question for 2023, 2024. Again, as Victoire said, we are confident with the fact that we'll be able to deliver the roadmap that we have presented at the end of 2018.
Thank you.
The next question comes from the line of Christopher Fremantle from Morgan Stanley. Please go ahead.
Hi. Good morning. I had just two questions, please. First on healthcare. I'm sorry, another question about the liquidity event. How has your view on timing and structure developed since you last talked about this? If it hasn't changed, when are we likely to learn more about the timing and structure of that liquidity event? Then the second question is just a follow-up on Celine's question on development. You've compared to 2019, which is helpful. Is it fair to assume a similar increase in percentage terms in the quarters to come in 2021, as you have reported in the first quarter? Is there anything special about the first quarter that would make the comparison with 2019 different for the rest of the year?
Victoire, do you want to answer the two question?
Yes, we can begin with the first one regarding the liquidity event. For instance, so far, the answer is exactly the same as of what we said in February. We are working hard on it. To answer perhaps more precisely to your question regarding when we will be able to give you more detail, I think mid of the year could be a more favorable condition to give you more detail regarding this liquidity event. Of course, one more time, as we said, it's clearly a job we are working hard on since the beginning of the year, and I hope so we will be able to give you more detail in June with the half-year results presentation.
On the second question regarding following up on development, I think that, as I said just before, as I highlight, there is an impact of catch-up regarding the figures we have shown in 2021 first quarter. After saying that, we can expect not such vigorous figure for the next quarter. In the meantime, we are very confident to say that there will be a slight increase regarding the 2019 figures. That's what I can say to you this morning.
For sure, as a principle, we will make, especially for H1 results, we make the full comparison for sure with 2020, but also with 2019, because we do think that it is also for investment. I think it's more relevant to compare to 2019, because, again, 2020 was a very special and specific year.
A slight increase versus 2019, for the remaining quarters. Have I understood that correctly?
Yes.
Relative to 2019.
Yes.
You could take that into account.
Yes. Okay. Thank you.
Our final question for today comes from the line of Pierre Cloarec from Kepler. Please go ahead.
Yes, good morning. I hope you are both well, especially you, Olivier. I have three questions on my side. Just the first one to come back on the property development. 50% of your reservation has been realized with institutional investors. Is there a specific buyer there? Can we imagine that the CDC Habitat has been very active in the quarter or not? This is my first one. The second one is just coming back on the Prairial building in Nanterre. Can you remind us the total acquisition price? Sorry if I missed that. The last one on disposal. You realized above EUR 300 million of disposal. Can we imagine more disposals in 2021 or not? Are you thinking about any potential new disposals by the end of the year?
I will answer your three questions. On the first one, it was true that in 2020, CDC Habitat was a very significant buyer and a client for Icade Promotion, as it was true for most of the developers in France. It's not exactly the same situation in 2021. Much more diversified client base. CDC Habitat has announced that they will try to do the same figures compared to 2020, and they have acquired last year on the French market, 60,000 apartments. I don't think they will be able such a volume this year. For us, it's clearly we want to diversify our client base, and you have more and more institutional clients. It is also fair to say that the demand from private clients is still very strong. You know the level of mortgages in France. Again, record low level, so strong appetite from private clients.
Is it possible to have a breakdown on the institutional investor that bought reservation?
Yeah. I don't have it in mind, but we will revert to you.
We will.
Okay. Thank you.
This morning. On the second question, we are under a preliminary agreement, we can't give full detail, but I have mentioned the figure, which is close to EUR 60 million, the building we have acquired in Nanterre. In term of disposal, as Victoire said, and as we said during our investor presentation in November, after a very significant volume in 2019, more than EUR 1.1 billion, no disposal in 2020. What we do have in mind is to have a disposal volume close to, let's say, like this normal level on a midterm trend, which is between EUR 500 million- EUR 600 million. It means that we should be able to announce other disposal in 2020. Again, the rationale for that is to recycle the capital and to raise capital again, to be reinvested, increasing the office development pipeline because we still have a significant office development pipeline.
The growth of Icade Santé, and as you know, also, the fact that we want to decrease our LTV ratio by the end of 2023. We will use the proceeds of the disposal to address the three topics I have mentioned.
Okay. Thank you, Olivier.
Jeremy, you have on page six the breakdown of housing orders by type of consumer, if you want to have a look.
Page six of the press release.
Yeah. You have.
Yeah, I want to have more details in terms of institutional investors. Just want to know what are the main buyers.
You always want more details.
I know.
We will revert to you.
Okay. Thank you.
Thank you very much all of you for attending this call. Again, if you have any further, more detailed question, do not hesitate to contact Anne-Sophie or Victoire. We will revert to you as quickly as possible. Thank you very much.