Hello, everyone. I'm happy to be here with you at Icade's full year results presentation, although I would have preferred a more convivial setting. This setting affords me an opportunity to highlight the agility and responsiveness of Icade employees in 2020, which was a difficult and surprising year unlike any other, as you were able to see for yourself during this short video looking back at the year's events. I would like to thank them for their hard work.
Thanks to the commitment of each employee, Icade was able to resist and move forward together despite obstacles. We achieved this while showing solidarity at all times with our stakeholders, some of whom were impacted by the crisis. The board of directors and I fully support Icade's management and are confident of its ability to preserve the company's interests, the safety of its employees, and the continued success of this business.
Despite the inevitable impact of the crisis, results for 2020 were solid, and Icade's business lines and balance sheet remain strong. The business mix, adaptable risk profile, and management of our office property investment, Healthcare Property Investment, and property development business lines are whole assets that will continue to make a difference in the current environment.
Our business model is not only strong and reliable, but also offers real opportunities for growth. 2020 was also a year in which Icade ramped up its low carbon policy. Olivier and Victoire announced the policy to the press in February, too. It's a key issue for us and an important development opportunity. Our outlook is positive. We have managed to adapt our strategy without disruption and in line with Icade's purpose. This purpose helps us stay the course, and we are already prepared to meet the new post-crisis challenges.
It's of course, key to our resilience and coherence. It drives our growth by making us stronger and more competitive. I thank you for your attention, I will turn it over to Olivier, who will now present our results.
Thank you very much, Frédéric, good morning, everyone. I hope you are all fine and safe wherever you are in Paris or London or Amsterdam. I am with Victoire Aubry, our CFO, after the presentation, we will have a Q&A session with the management team. Do not hesitate to send us a question by email or by telephone.
Let's start with the impact of the COVID-19 crisis for Icade in 2020. As you could see, final figures are very close to previous figures that we have disclosed in October and November last year. For sure, 2020 was a very specific year, let's say like this, Icade has been impacted, but as you could see, the impact is quite limited. We have split the impact of the crisis in two parts.
The first part is the impact of the COVID-19 crisis on the net current cash flow, which represents a total amount of EUR 27 million. The other impact on the net result represents an additional EUR 52 million. When you combine the two figures, it is the total amount of EUR 79 million. On the recurring cash flow for the office investment portfolio, the impact is quite limited. It is close to EUR 6 million, and this is a mix of several elements. We have provided some support to our smaller tenants with rent-free period, with counterparts that are longer leases, and we have postponed some break option. We have also some acquisition or completion that were a bit delayed due to lockdown that we had in France last year.
Regarding the Healthcare division, the impact is mostly due to delayed investment or completion and acquisition. As you can see, the impact is really limited because it is less than EUR 2 million. For Icade Promotion, our development subsidiary, Icade Promotion has been the most affected business by the crisis. Keep in mind that the accounting standard to book revenues for development is the percentage of completion, POC, for specialists.
As you know, we have experienced two lockdowns last year in France, and our construction sites were closed during roughly two months and a half, which means that we are -20% in terms of revenue. However, it is not a loss. Those projects and those schemes are just delayed, and revenues will be recognized over time. Even if we have EUR 19 million less in terms of cash flow due to the crisis in 2020 for development, 90% of that will be recovered in 2021 and onward.
We have also other impact, which are non-current items in our net profit. It is mainly for rent period without any counterparts for small business, and we have already given the figure for this. We have also, in this amount, the so-called inefficiency cost, which are costs related to a construction project, extra charge and extra costs related to the site shutdowns, and also to the restarts of the construction site. Also to the implementation of a health protection measure.
All this amount represent EUR 52 million, which do not affect the current cash flow, but which has an impact on the net profit of the group. For sure, Icade has the financial capacity to absorb those financial impact, and we have no financial issue, no cash issue at all with this level of amount. For sure, it is not good news, but it is the crisis.
Victoire will come back to that in a few minutes. With respect to cash flow generation, most of this EUR 27 million will be pushed back. Let's go back to our KPIs and metrics, let's start with the property investment portfolio. In terms of gross rental income, it is an increase of 6.7%. Total amount of rents represent EUR 678.4 million, it is a like-for-like growth of 2%. In terms of adjusted EPRA earnings from property investment, it stands at EUR 4.74 per share, which is a limited decline of -2.1%. It is in a context of the health crisis, also, in a context of a very significant disposal in 2019. Just to remind you that in 2019, we have disposed for more than EUR 1.1 billion.
Regarding the portfolio value and portfolio valuation, it is up by 2.2% at EUR 11.8 billion, and it is a decline like-for-like of -2%. Final figure for the investment portfolio, the financial occupancy rate for the office portfolio stands at 92.5%, and it is quite stable. In our view, this KPI illustrates the resiliency of our office and Healthcare investment portfolio. For property development, in terms of revenue, as I mentioned, the situation is different because of the 2.5 months lockdown and shutdown that we had to face in 2020. The decline of revenue is only, if I may say, -14.7%. But if we had no shutdown in 2020, our revenue for property development would have significantly increased, +8%. Due to the extraordinary situation in 2020, the cash flow for the division is still positive, but very low at EUR 2.5 million.
On the other hand, and I think we have to look forward, if we look at the forward KPI, they are well-oriented with the backlog, which grew by +14.4% and which stands now at EUR 1.4 billion. This is a very positive situation thanks to the volume of sales contract that have been signed in 2020, and I will also come back to that. On the liability side of the business, cost of debt keeps slightly decreasing at 1.48%, and the average debt maturity remains close to six years. And our loan-to-value ratio stands at 40.1% at the end of December 2020.
At the group level, if you look at the two group KPIs, our EPRA net tangible asset per share stands at EUR 93.2 per share, so slightly down by -3.1%, and our net current cash flow per share stands at EUR 4.84 per share, which is a bit above the guidance that we have given at the end of October. Let's move now to the key highlights of last year. We have selected some of them.
First, we think we have a very solid revenue income in 2020, as I said, at +6.7%, which represent an increase of EUR 42.5 million. And for office and business park, it is an increase of +4.8%, a like-for-like growth of +2.5% for offices. And for Healthcare, it is a growth of +13.9%.
I would like also to highlight and to underline the performance of the asset management team in 2020 with three new completion and the renewal or new lettings for more than 160,000 sq m. On Healthcare, the Healthcare acquisition team has been also very active in 2020 with a volume of more than EUR 440 million invested last year. And for property development, as I said, we did perform very well last year in terms of new orders and sales, especially if you compare that to the market. In terms of sales, it is +15% compared to last year. And for new orders, it is +8% in value, where the market is probably close to -20%. And in terms of liability, just to remind you, the social bond that we have issued in September, EUR 600 million, 10-year, and a coupon of 1.375%, which is very attractive.
Despite of the crisis, Icade has been very active in our mind, in 2020. Let's move now more into the detail of the performance of each business unit, and let's start with the office investment division. Since the beginning of the crisis, several elements appear to be a real plus for Icade. I would like to mention first our very high-quality tenants base and our capacity to attract and to retain new and existing tenants.
To illustrate that, 88% of our rental income comes from solid, not to say very solid, tenants, and less than 12% of our rents derive from tenants belonging to sectors that are the most impacted by the crisis, such as airlines or the plane industry, hotels or tourism. In our view, it's quite limited.
Secondly, our occupancy rate over the years stand at 92.5%, no significant move, our rental income is up by 2.5% compared to 2019 in terms of like-for-like growth. Our default rate is very low, very limited, under 2%. On top of that, as I already mentioned, our asset management team has been very efficient in terms of rent collection, nearing 98% over the year.
All those elements are very good news for the future. Finally, our rental income for offices for 2020 was more than robust because it's a global increase of +4.88%. On that slide, I would like to spend a bit of time to explain how we did provide some support to our tenants last year.
If we have very good figures in terms of renewal and rent collection, it's also because we have a very comprehensive and fruitful relationship with our tenants, with our clients. First of all, we were very reactive to implement sanitary measure in 100% of our properties and in very few days in order to address the new health challenges and to facilitate the back-to-work return of our tenants in the building. Today, the occupancy rate of our portfolio stands probably around 30%-40% in terms of number of employees in the office building. We have also helped our tenants in terms of treasury, we have accepted, in some cases, monthly payment, sometime even deferred payment if necessary. As far as very small businesses were concerned, we have also agreed to cancel the Q2 2020 rent.
For a landlord, a good tenant is a tenant that is able to pay rent, but to pay rent on a long-term perspective. In some cases, we thought it was fair to ask our tenant counterpart to our support. Thus, we were able to get now a longer weighted average lease break. On average, it's +2.9 years for the leases that we have renewed in 2020. As a global result of our discussion and negotiation, we have successfully coped with more than 80% of 2021 break option.
On slide 14, you have the key metrics of our office portfolio. The portfolio value stand at EUR 8.5 billion at the end of last year, which is quite stable compared to the end of last year. We have a weighted average unexpired lease term at 4.1 years. We have also an attractive average net yield at 5.7%.
We have a stable financial occupancy rate at 92.5%. If you look at the average price per square meter in the Greater Paris area, it stand at EUR 7,300 per sq m, EUR 3,600 per sq m outside of Paris region, and EUR 2,350 for the business park. These figures are quite similar with the figure that we had at the end of last year, reflecting the solidity and the stability of our portfolio, even in a crisis period.
Let's go now, and let's move to the Healthcare investment. On our Healthcare portfolio, the impact of the COVID-19 crisis has been very limited. Occupancy rate is still at 100%, and rent collection rate is above 99%. Furthermore, we had a significant growth of our revenue in 2020, nearly +14% in term of rental income.
In that respect, I would like to emphasize that in term of recurring cash flow, Healthcare represented in 2020, 37% of the global group net current cash flow. I think it's a really valuable metric during the current crisis period. Our portfolio is by far one of the most appealing Healthcare real estate portfolio in France, in Europe, not to say the most appealing portfolio.
On slide 17, as you know, to grow in Healthcare real estate and to become the European leader of this asset class is one of our strategic goal. We have been very active in 2020 despite the crisis, despite travel bans, and despite the fact that it was most of the time impossible to visit nursing home facilities in 2020.
We have been able to close nearly EUR 440 million of new acquisition in France, but also in Italy and in Germany, which are the key target country for the business line. Actually, around 70% of our investment were made outside of France in 2020. You have a couple of example of our last year transaction. We keep on investing in Germany. We have signed a portfolio of eight nursing home for a total amount of EUR 123 million. It was the first transaction of a broader and long-term partnership with ORPEA, the world leader in term of long-term care. We have also pursued our development in Italy, thanks to our partnership with Gheron. We have acquired in Italy seven asset for EUR 131 million, with 18 years firm lease.
We do confirm our strategic growth target, which is a significant volume of EUR 2.5 billion of acquisition by the end of 2022. As of today, 60% of this volume is already achieved. On slide 18, you have the key metrics for Icade Santé, for our Healthcare portfolio. It's a growing portfolio amounting to EUR 5.7 billion and a very attractive initial yield, standing at 5.3%. Again, the occupancy rate is 100%, while the WALT is at 7.4 years. We have the conviction that this portfolio has a very strong potential in term of value creation on top of the current NAV valuation. This is also a good news for the future. For our last business unit, Icade Promotion, our development subsidiary. In fact, you have two ways to look at the figures.
As I said, there is a mechanical impact of the COVID-19 crisis on our development revenues because of the 2.5 months shut down. We are minus 14.7% compared to last year. Even though the impact is obvious, it remain limited, moreover, I said, we would have had a 9% growth for residential if construction site were open all year round. Those revenues that we were not able to book in 2020, again, they are not lost. They are postponed and will be recognized in 2021 and onward. More important, if you look at forward KPIs, our development business is well-oriented, thanks again to dynamic sales results in 2020, especially for the residential activity.
Let me emphasize again on the fact that both notary sales and new order, Icade Promotion is significantly up, plus 8% in term of new orders in value and + 15% in term of sales in a market, which was quite difficult in 2020. Again, if you compare those figures to market figures, they are much better. Those promising figures are the result of different elements.
First one, Icade Promotion is really a step ahead in term of digital marketing tools, and also the appetite for residential asset remain very strong. Icade Promotion has been able last year to close a lot of block sale with institutional investors in order to balance the decline of unit sale. The part of block sale represented 59% of our 2020 development revenues. Final figures, the backlog is very well oriented, + 14% compared to the end of last year.
Plus 21%, if you look only at the residential backlog. Here again, it's very good news for the future and for 2021. I'm now handing over to Victoire for the detailed financial result. Victoire, the floor is yours.
Thank you, Olivier, and hello, everyone. By way of introduction and in echo with Olivier's words, I would like to say that financial repercussions of the crisis are contained. We may see by getting into details of the income statement of our different divisions.
On page 23, let us have a specific focus on the result of our property investment portfolio, the office division and [Healthcare]. EPRA earnings for our property investment divisions, which is EUR 4.74 per share, are reflecting, once again, their global resilience on the whole. On a year-on-year basis, our net rental income goes up by 5.5% at EUR 655 million. The net to gross rental income ratio nears 97% at 96.6% precisely, and shows that despite this very specific year, our investment divisions produced solid net revenues. EPRA cost ratio is also important.
It is below 12%, excluding the vacancies, quite low level in absolute terms, and stable on a year-on-year basis. It reflects effort put in respective costs, especially structural costs, which permit us to absorb the decrease of internal fees due to the slowdown of the investment volumes. EPRA earnings stand at EUR 351 million, down by EUR 8 million, due exclusively to the COVID-19 crisis.
Let me remind you that EUR 8 million only represents a 2% impact on consolidated EPRA earnings. With the neutralization of the COVID-19 impact and 2019 disposal, EPRA earnings are up +5%. I will be coming back on that point shortly, let's note the growing share of Healthcare investment. The division provided for 39% in 2020, up 6 points. Let's jump to page 24.
On this slide, I want to draw your attention on the structure of the whole portfolio, because actually, office and Healthcare are not similar and not subject to the same rules in terms of risk exposure, among others, and particularly in a time of crisis. As far as our office activity is concerned, it remains sound and healthy, and the main figures illustrate the resilient performance of the business line.
First, a dynamic leasing activity and asset management underlined by gross rental income up +2.3% on a like-for-like basis. I remind you that 2019 saw a record volume in terms of disposal, above EUR 1 billion, representing EUR 18 million of rental income on a full year basis. Despite that, gross rental income grew by 2.5%, and net rental income remains on the rise. Weakly indeed, but still they are on the rise.
Main impact is a slight decrease of occupancy rate. Costs are under control, -12%, equivalent minimum EUR 11 million. Slight drop in the adjusted EPRA earnings at EUR 214 million, mainly due to the non-recurrence of a substantial income in the amount of EUR 15 million in 2019, and also a very limited COVID-19 impact, EUR 6 million. After neutralizing non-recurring income and COVID-19 impact, the EPRA earnings of the office investment division would have absorbed the effect of the significant disposal done in 2019.
In terms of Healthcare investment, as I said previously, another activity, another story. All the indicators are well-positioned. The crisis has no impact on Healthcare results. On one hand, the increase is absolute compared to 2019, +12% for the net rental income, and a significant rise on the adjusted EPRA earnings, +14% to EUR 137 million.
On the other hand, the incidence of the health crisis is minor, valued at EUR 2 million. Asset class remains non-cyclical and driven by long-term contracts as well. Our investment activities have remained dynamic, and we managed to limit the drop of the EPRA earnings at EUR 351 million by the end of the year, stimulated by a positive performance of our Healthcare investment division.
In the meantime, a quite resilient office investment business. Our diversified business model is clearly an asset to resist against the ups and downs of the economy. We can now just switch to the result of our property development activity, our third business line. Page 25. Here we have a limited equity exposure, 6% at the end of 2020 and less than 10% of the net current cash flow of the group.
Having said that, the circumstances are different, as Olivier has pointed out, and this because our construction sites had to shut down for 2.5 months . This brutal shutdown is noticeable in our results. Indeed, 2.5 months of shutdown on a 12-month financial year is substantial. Economic revenues decreased by 15%, -1 1% focus in residential. Residential operating margin stands at 4%, a low point. Net current cash flow remains slightly positive by EUR 2.5 million. Having said that, I really want to underline the good trends.
Firstly, the activity benefited this year from our full digital marketing and sales processes in order to limit the impact of the lockdown. Secondly, Icade has been able to close much more block sales versus individual sales. In this particular context, the market profile of investors evolved during the year, with institutional investor back to the residential market.
As a result, and in addition to a strong sales momentum, the impact of the crisis is quite limited, minus 11% for the residential revenues one more time. On top of that, I would like to emphasize that excluding the impact of site shutdown, the residential revenue would have risen by +9%. At the end of the day, even if the impact of the crisis is more sensible for the property development revenue, let me also remind you that 90% will be recovered this year and beyond. The market fundamental on the residential side remain strong, especially the demand should remain dynamic, perhaps even more after the crisis. We are confident on our ability to recover a good momentum in this business line by improving both volumes and margins in 2021, benefiting also from a promising market.
Now, in practice, what are the key point regarding on group net current cash flow? I'm on page 26. It stand at EUR 4.84 per share, slightly above the guidance update in October. This limited drop, - 7.9%, is mostly due to, first, 2019 disposal, knowing that we had a record volume beyond EUR 1 billion, as I said before.
Second, slower revenue recognition, as we said previously, on Icade Promotion. Excluding the impact of the effect of 2019 disposal, net current cash flow is up EUR 14 million, +3.6%. Clearly, a solid leasing activity has supported this result, and we have also the positive effect of deliveries completed over the last 18 months. Last but not least, the growing contribution of Healthcare, up +7 point at 37%, and thus a more defensive risk profile by the end of 2020.
Yes, our results are resilient, and I would like to come back on our adaptability. Icade is made up of different activities with various risk model and an ability to adapt equity allocation according to shifting dynamics and cycles. I know that I keep repeating the same thing, but it's important. It is a real advantage.
Slow down in investment on a speculative basis in the office division, slow down in equity allocation in the development business line, and in the meantime, pursued growth in Healthcare division. We have adapted our risk profile with positive impact on the P&L, but also on the NAV as well, I will discuss just now.
Let's jump on page 28. On the coming slide, I would like to share a few comments regarding valuations. I'm assuming the fact that it is a particular focal point at this moment. Concerning the office investment activity, you can see the figures. It's almost a flat year, -0.3% on a reported basis, -3.1% on a like-for-like basis, driven by external expertises revising downward some assumptions as indexation or more cautious marketing period.
I would like to take this opportunity to remind you that the valuations are conducted by external experts, and also on top of that, the main asset of the portfolio are subjected to two appraisals. We then keep the average of the two. It clearly reinforces the robustness of our valuations. Concerning the Healthcare division, the value of the portfolio has a progression of +9.2% on a reported basis, and +1.1% on a like-for-like basis.
This is consistent with a very limited impact of the crisis on our Healthcare activity, as Olivier said, and a strong indicator to illustrate the global positive outlook of this asset. Let's go right now on page 29. This slide is a good summary of what I presented to you before, the evolution of our NAV. I apologize, but I have to refer to some technical details first.
As you are aware, some changes have been made last year in EPRA metrics. Since the 1st of January 2020, we don't talk anymore about triple net or simple net NAV. We instead refer to NDV, net disposal value, NTA, net tangible asset, or NRV, net reinstatement NAV. Regarding Icade, I suggest that we focus on the net tangible asset, NTA.
It has the advantage of not being impacted by the effect of our debt fair value, which is a total external impact we don't have any cash on. The main messages about the NTA NAV. First, this indicator is fairly resilient. The valuation of the company after the specific year we faced remains strong, +1.1% growth pre the dividend payout. The 2020 total shareholder return remained positive after the year of the crisis we have been through.
After dividend distribution, it stands in December 2020 at EUR 6.9 billion, a limited decline of 3.1% over the year, and only a small 1.8% over the six months. Notice that the net disposal value, NDV, specified at the bottom of the slide at EUR 86.1 per share, merely decreased by 5.5%. It includes a fair value effect of the debt of EUR 1.3 per share.
Considering stock price level so far at EUR 60 per share, approximately, the discount to NAV is at around 31%. It implies a strong implicit discount on [offices] that is clearly not reflected in the valuation so far, and might appear definitely as not fair or excessive. Last but not least, we confirm at the Investor Day the liquidity event will occur by 2022.
Whatever form this event will take, it will help revealing fair value of Healthcare and materializing, for sure, a premium for this portfolio, contributing 32% of the NAV as of December. I can confirm what I said on the occasion of Investor Day. The work carried out by the external expertise as of December 2020 does not confirm Icade's current listing levels, particularly with regard to [offices] .
We may still be uncertain, but isn't the appreciation of the valuation of the asset factored in the share price still excessive even today? The strength of our NAV at the end of December illustrate the robustness of our business model.
Turning to the question of liability, page 31. It goes without saying that our financial structure is very, very resistant. How we can improve its liability management during such a critical period? Let me insist on three key points. First of all, a very healthy balance sheet. We decide to reinforce our revolving credit facilities with new lines for a total amount now of more than EUR 2 billion, which is quite comfortable. We align also all of our covenants at 60%, just a simple formality for us. As a reminder, only 16% of our debt is concerned by these LTV covenants.
The soundness and attractivity of our balance sheet is also recognized by our main counterparts. First, our rating agencies, Standard & Poor's, confirm our solid BBB+ credit rating with stable outlook. Our banking partner are also confident as they allowed to reinforce our credit revolving facility lines with attractive maturity over five years. Last but not least, we are very proud of Icade's focus on sustainable finance. Great success of the social bond of Icade Santé last September, and our first solidarity revolving credit facilities, real innovation in the sustainable finance market, including EUR 3,000 dedicated to the research on COVID-19 vaccines by Institut Pasteur. I will finish on this liability part with four metrics that show how sound our financial structure is. I'm on page 32. Continued focus on debt maturity around six years. Very attractive cost of debts that continue to decline under 1.5.
Debt ratio far below covenant as ICR and LTV ratio. Of course, you notice that our LTV ratio has increased by 200 basis points over the year. To be precise, 210 basis points. The impact of valuation change weighed for 100 basis points, and the slowdown of our disposal volume almost zero in 2020, compared to annual average amount of EUR 500 million, also weighed for 100 basis points.
Also, our LTV ratio at 40% is solid and far from our covenants. It reflects, in a sense, the incidence of the COVID-19. I would like to confirm, as announced last November at our Capital Markets Day, we reiterate our objective of lowering it to 36%, 37% by 2023. I hope the LTV ratio will be showing sign of decline as early as 2021.
The announcement of our signature of two sales commitments accounting more than EUR 320 million already is a good start regarding our ability to achieve our ambition as soon as possible. To conclude, regarding our dividend policy on page 34, I confirm, once again, what we already announced. The board has reiterated its proposal to pay a stable dividend versus 2019 at EUR 4.01 per share. The yield is attractive, 6.4% on the basis of the share price as at December, at EUR 63 per share. With a notable novelty this year. We are renewing the interim dividend as of the beginning of March, ex-dividend date on March 3rd, payment on the 5th, and are offering a scrip dividend option for the payment of the final dividend. Payment method will be determined by the board on March 12.
All this is subject to validation of the general meeting on April 23rd, of course. Two important messages as well. With this proposal, I want to highlight our will to strengthen our equity and lower our leverage, but in a reasonable way, without excess. Icade's balance sheet structure is once again solid. The proposed dividend level, stable versus 2019, with a payout ratio below 85% at 83%, this is the second important message. It reflects the fact that we manage carefully our balance sheet. In the meantime, we offer a level of return that remains attractive. I will let you make your own judgment. The distribution policy seems to us to be adapted to the current circumstances. Thank you for your attention, and I will give the floor back to you, Olivier.
Thank you very much, Victoire. What are the outlook for 2021? The future is more important than the past. As you know, the COVID-19 crisis is not yet over. We have to take that into consideration and to adapt our priorities and strategy to the new environment.
In the next slide, as you will see, I will repeat what we did present, what we did say during our Investor Day at the end of November. For the office investment portfolio, our main objective is to remain resilient and reactive. We have adapted our pipeline, and we have a confirmed pipeline around EUR 1.5 billion. 63% of the coming projects of 2021 are already pre-let. We have also identified other pipeline opportunities up to EUR 900 million.
Regarding disposal, as you remember, 2019 was a record year for Icade on that matter, with more than EUR 1.1 billion of disposal. In 2020, we did not put any asset on the market in order to limit the impact on the current cash flow 2020. We did say in November that we will go back to a normal level of disposal in 2021. We have already signed two preliminary agreements for more than EUR 320 million. We have a press release on that this morning. Those disposals are part of our midterm plan to have a lower LTV by the end of 2023. In terms of pricing, those two significant transactions, one in the north of Paris, one in the south of Paris, are really in line with the NAV valuation at the end of 2020.
Last but not least, we will also adapt our development pipeline and our land bank by converting part of them into residential schemes. Very briefly, on slide 37, I said and explained during the Investor Day, we will also adapt our current income-producing office portfolio by providing new services, more flexibility, and always for an affordable rent per square meters. Tenants' demands and requirements are evolving, also is our offer. We will also adapt and improve our office portfolio in term of carbon footprint. We have presented our low carbon strategy at the beginning of February, and we have confirmed that our office portfolio is fully aligned with a 1.5 degree trajectory. I think it's important to highlight that our office portfolio is also attractive in term of sustainability and CSR criteria.
On top, I would like also to highlight that our office portfolio, with nearly 60% of core and core plus asset, will continue to perform even in a more difficult environment. Icade office portfolio combine a high level of services, very good location, affordable rents, and very good CSR specification. Outlook for Healthcare division.
Our investment thesis and strategic goal remain the same since 2018. We are a very favorable demographic environment. We have an expanding portfolio with a pipeline of EUR 451 million and more than EUR 1 billion of investment opportunities under review in France and abroad. We have entered in an exclusive negotiation for a portfolio in Spain, which will be a new country for Icade Santé. We have a very solid portfolio with the strongest signature in term of tenants and long-term partnerships.
As you know, we will have a liquidity event by the end of 2022 in order to crystallize the real value of our [inaudible] portfolio, which represent today 32% of our NAV. If I may, you should not wait for this event to take into account this potential of value creation when you look at the Icade share, the value is already there. For Icade Promotion, the recovery potential of our development subsidiary is, in our view, quite significant.
Again, we have a backlog of EUR 1.4 billion. We have an additional potential of revenues of EUR 2.1 billion deriving from the residential portfolio that we do control through option or preliminary agreements. We have also a strong mid-term revenue potential, close to EUR 7 billion for the five coming years, with a focus on the growth of our residential development business.
Icade is also very ambition in term of low carbon construction. Icade wants to be best in class regarding that topic. Low carbon is really the future of our industry. Our midterm goal for Icade Promotion is confirm revenues at EUR 1.4 billion with a margin close to 7%. Our priorities for 2021.
In 2021, crisis is still there, but we have very clear priorities. As I said, we have good news ahead of us for our three-business line. Nevertheless, environment is what it is, and visibility remain low due to COVID-19 crisis. Our priorities for 2021 are the following. With respect to the office investment division, it will be portfolio rotation and value creation deriving from the development pipeline. For Healthcare, further growth and international expansion, and we have to prepare a liquidity event.
For our development subsidiary, is to increase significantly the revenue and to achieve a higher margin. Our CSR priority will be the acceleration of our low carbon strategy and the launch of Urbain des Bois, a dedicated subsidiary to wood construction and residential development. Following the vote at more than 99% of our purpose during the last annual general meeting, the operational implementation of our purpose, in all of our activities will be also one of the other priorities for 2021. The slide 41 describe what we will do for the next three years at Icade. Nothing new compared to what we have presented at the Investor Day. It's resumption of rotation within the office portfolio and liquidity event for Icade Santé to adapt the development pipeline to the current office letting market.
We will use the financial resources coming from those different elements to finance the growth of Icade Santé and to reduce our LTV ratio. For Icade Promotion, we will focus mainly on residential development business. We will convert part of our land bank into residential schemes. We will adapt our strategy, our business mix, and our risk profile to the current environment. Finally, the financial outlook for 2021. 2021 net current cash flow per share is expected up at +3%, excluding the impact of 2021 disposal. The guidance is also subject to the health and economic situation not worsening significantly. The 2021 dividend will follow the same trend, up by +3%.
This level of dividend reflects a payout ratio of 83%, which is the same level compared to 2020, plus the distribution of a small part of our 2021 capital gain, as requested by the SIIC regime. Those figures seems to us quite attractive in the current environment. Just also to remind you that our annual general meeting will take place the 23rd of April. Thank you for your attention, and we will now be ready with the executive committee to answer your question.
To ask a question, please press on your telephone keypad. Please ensure your line is unmuted locally, as you will be advised when to ask your question. Once again, that's star one if you would like to ask a question. The first question comes from the line of Pierre Clouard from Kepler. Please go ahead.
Thank you. Good morning. I have several questions for you. The first one, I just wanted to come back on the future of Icade Santé. I understand that there is a liquidity event that is planned before 2022, but can you be more precise about that and in what form could be this liquidity event? The second question, can we have an update on your discussions on the Eqho Tower? Do you still believe that your partner in the tower can exercise its extended collection for the remaining part of the tower, and if yes, at what price? The third one is on the two disposals that you announced this morning. I understand that this is in line with the 2020 evaluation figures. Can you tell us if it's in line or not with the 2019 figures?
On the last one, on the property development segment, I just try to understand if you will be able to post or not at least stable reservations figures in 2021. Can we expect a change in the mix in 2021 in terms of reservations again?
Thanks for all the question. I will try not to forget one. On the first one, on the liquidity event for Icade Santé, you said that we don't want to be more precise, but we are working on that. The wording is still the same. We want to prepare that because it's what we do have in our shareholder agreement by the end of 2022. When we will have some new fact about that, we will come back to the market. We are working on it. On top of that, we are still focusing on the growth of the portfolio.
As we have said this morning, we have signed an exclusivity agreement with a vendor for a portfolio in Spain. That's also a good news because again, our strategic goal is really to build a pan-European platform and to open a third country.
Seems to us something quite interesting. Nothing new about the liquidity event. The second question is about the Eqho Tower. We had an option with a Korean investor till the end of 2020. They didn't exercise the option. We are now, let's say like this, free to maneuver on the 51% stake of the tower that we have. We will have to consider what to do with the 51% remaining in the Eqho Tower.
We have to take into consideration the fact that valuation at La Défense have decreased by, let's say, depending the asset, but between -5% to -8% for the future, but for the time being, nothing new on the 51% of Eqho Tower. I think your third question was about the two disposal that we have announced this morning. In fact, it's preliminary agreements.
We will wait the signature of the final deal before to give more detailed figure. Compared to valuation at the end of 2019, for sure it's a decline, but it's a very limited decline. The reason for that it's because it's core asset. Liquidity for core asset, which mean a brand-new or recently refurbished building with long-term cash flows, the liquidity in the market is still very strong. You have no move, I think more or less, on cap rates on the market for core asset. The fourth question is?
About development division and the stable figure regarding-
Yeah, for the development division, I think we have two elements to take into consideration for 2021. Our main assumption that we will have no lockdown in 2021. Let's see what will happen in the coming weeks. As you know, there is an immediate mechanical impact when you have to stop construction site. We take into as our assumption, the fact that we will have 12 months of activity on our construction site. On top of that, I think the good news, for residential, the demand is still there and very strong, both from individual client, but also from institutional client. We have no concern about the demand. You may have heard that in France, it's more difficult to get building permit. This is a topic for the next two or three years, but not for 2021. I think there's another question by telephone. Yes?
The next question comes from the line of Florent Laroche-Joubert from Oddo BHF. Please go ahead.
Hi. Thank you very much for this very complete presentation. I would have two questions, if I may. First, on the offices, could you please give us more color on regression in 2020? Could you please tell us how confident you are to maintain your rent at the current level in 2021? Maybe also, are you confident about the attractivity of your different areas in the Greater Paris? That would be my first questions. My second question would be on [N Square]. We have seen some of your peers to be very aggressive in terms of investment policies this last month, and it continues. How do you analyze this dynamic on the investment market, and how could you change your approach in [N Square]? My third question would be on the dividend.
Have you an idea of the percentage of your shareholders that could choose the payment of the dividend into shares? Thank you very much.
On your two questions, more color on the office letting market, what we have done, how do we see the future. If you look at the volume of renewed or new life signed in 2020, it's quite comparable to what we have done the years before. Main concern was on the letting transaction, new letting transaction, because the market has decreased by roughly -45% last year. By 2020 was now, let's say, a normal year. The question for everyone is how the volume of letting transaction will evolve in 2021. Forecast made by real estate brokers, if you compare their forecast, is probably -25% compared to 2019. Let's see.
What we do see on the ground is that, I think that Emmanuel le could confirm, but we have limited, compared to 2019, activity, but corporates are back to visit assets, we have already signed, since the beginning of the year, several letting transaction. I know that there is a debate about centrality outside of Paris and so on. We really do think that for the next two, three years, level of cost for corporates will be key. We really do think that the kind of portfolio, the kind of asset that we do have at Icade, which means very good location, high level of services, and buildings that are brand new or recently refurbished at very affordable rent, seems to be very adapted to requirements of large corporate. If you look at our portfolio, we don't have any significant move anticipated for 2021.
The level of office demand is clearly linked to the growth of the GDP. Our main concern is when the recovery of the French economy will be there, which means when the crisis will be over. We have done what we thought was necessary to have a stable rent fall in 2021, which means that we have helped some of our tenants, and as we said, with some counterparts. You have seen that the occupancy rate is stable when you compare the end of 2019 to the end of 2020. Probably a slight decrease in 2021, but we do not expect any major move. The key question for us is more, every year, Icade was able to close one or two very large letting transaction on a new scheme, on a new office development scheme.
This is important for us because it's part of the value creation that we are able to deliver. The main question for us is, are there still some corporate on the market ready to sign a lease, for a lease that will start in two years or three years from now? The question for that is because, probably a large corporate will have other concern maybe to move to another site. This is a good news for the current trend for, because I think in our view, it will be more or less very stabilized. If we want to deliver the growth, we have to be able to sign a pre-let transaction on new development in order to launch new scheme of our pipeline.
For sure, we will be a little bit more cautious about development scheme that will be launched on a speculative basis. For the time being, I think, and there is the debate also about the growth of working from home, but I think the main concern is more the economic crisis and when the sanitary crisis will be over. It is true, that is something that we do not control. everything is taken into account when we provide the guidance for 2021. The second question was about our Healthcare.
Healthcare.
It is true that asset Healthcare real estate is very resilient. In the current environment, it attracts a lot of liquidity, a lot of new players. We do think that, and as we say, our strategic target in terms of acquisition, EUR 2.5 billion by the end of 2022, we are in a good track to deliver that. We have already achieved 60% of that at the end of 2020, and as it was written, we have a confirmed investment pipeline of EUR 450 million and we have under review, that doesn't mean that it's transaction, but it's under review, more than EUR 1 billion of potential investment. It is true that some of our competitors are really aggressive. It is also true that in our view, the fact that some of our competitors have closed very aggressive transaction, it's still not yet reflected in the current valuation of the portfolio.
That's probably a good news for June 2021 or end of 2021, because people are more and more aggressive on acquisition. Again, what we try to do, the market is what it is. When you buy in the market, you have to pay the pricing on the market. What we try to do is, again, to focus on what we do call primary transaction, which means real estate asset coming from the balance sheet of operating companies. We are not doing only that, but we try to focus on that because we are able to bring something else on top of just the investment capacity to operating companies.
The transaction that we have closed with ORPEA this year is quite interesting because it's the world leader of nursing home, and they have many opportunities to dispose their asset, and when they made the choice to close a transaction with Icade Santé because, okay, we are close to the price of the market, but we are able to bring something different. We do think that we will be able to close our transaction volume. We try to remain very financially disciplined. It means that there is a level below which we don't want to go. On the other hand, it will be good news for the valuation of the portfolio. The third question was about the scrip dividend. The board will finalize the proposal to the annual general meeting at mid-March.
As you know, market is quite volatile during that time, we want to be as close as possible to the AGM before to fix the final conditions. It will be only for the second part of the dividend. Probably it will not be for the entire second part of the dividend. After that, the three largest shareholder of Icade will confirm or not that they will exercise the option.
For the free float, I really don't know. Based on existing situation, it's usually around it depends also the level of discount that you put on the pricing, but it's usually, for the free float, around 80% of the market that is choosing the scrip option. As you know, and as we have said during the Investor Day at the end of November, if I have to be direct, we don't need to increase our capital.
I think, the environment is volatile. The environment is not 100% certain. That's why we have decide to decrease our loan to value ratio by the end of 2023. To achieve that, it's a mix of more disposal, recovery of development division, the full value of the Healthcare portfolio, and also, and it's quite, let's say, like this marginal, a little bit more shareholder fund through scrip option, which is also a way, let's say, to thank our existing shareholders.
Okay. Thank you very much. That's very clear.
The next question comes from the line of Christopher Fremantle from Morgan Stanley. Please go ahead.
Hi. Good morning. I had two questions, please. The first is on the development business and the development margin. I think pre-COVID, you had guided to an economic margin in the development business of more than 7% in the medium term. Can you just help us understand when you think it's likely that you go back to that sort of margin?
I think you had guided to 2024 previously, but any update on the margin progression? Would be helpful, please. That's the first question. The second question is just a small accountancy point that I hope you can help me with. If I look at your consolidated balance sheet, I see the level of reserves outside of your share premium account are relatively low. Can you just reassure me that that is not a problem for the distribution of dividends, please?
Okay. For the second question, I think that Victoire will be-
[inaudible] end of your question.
As in the reserve of the balance sheet outside of the shareholder fund, do we have any issue to distribute the dividend? Could you answer the question with the microphone?
[inaudible] it's okay. I think your question for us, there is no issue regarding our ability to distribute our dividend, both in cash, or of course, if we offer a scrip dividend option, it's just as Olivier said, to help another additional manner to reinforce our equity, and in the meantime, to optimize our LTV ratio. There isn't any issue regarding our ability to pay cash or dividend, if it is your question.
Maybe more precisely, keep in mind that the capacity to distribute dividend is not in the IFRS balance sheet that you could see. You have to look at the French GAAP balance sheet to understand. We will come back to you, or we could revert to you, but it's not within the IFRS balance sheet that you have the clear view of the capacity to distribute the dividend. Believe me, we have no issue to pay the dividend from an accounting standpoint over time.
I can give you more precisely, if you want.
Okay. Over margin, how do you see the margin?
With regard to the operating margin, in fact, this is something in 2020, there is a basic point, which basically was impacted by the stop on construction site and the reduction in revenue. We've got a roadmap that'll give us an operating margin at 7% with a gradual progressive reconstruction linked to the increase in revenue with quite a few accommodation units that have been done. An offering that has remained stable, while dropping in fact by 15%. Before, we have the means to continue this growth and have a revenue of EUR 1.4 billion that'll amortize our charges on the one hand, and a premium that has stabilized at an expected increase in revenue.
Like Emmanuel said, on margin for development business, there is a question of revenue due to a lockdown and shutdown in 2020. Assumption is that we will not have that anymore in 2021. Another good news from the market is that, it was true that in 2017 and 2018, we had a significant increase of construction cost. Due to the evolution of the market, this question is now behind us. We have seen now that pricing for construction costs are stable and even with a small decline. I think there is another question. I don't know if it's by email or phone. It's phone again.
The next question comes from the line of Vivien Maquet from Degroof Petercam. Please go ahead.
Yes, good morning. Thank you for taking my question. I have a few ones. Firstly, I will say on the renewal of leases, just wondering if the lease renew in Q4 will follow the same rule of thumb that you communicated, which was one month rent-free for each year of extension. Also, on what kind of incentive we are looking at for the new leases compared to 2019. That's my first question. Secondly, on the Pulse, just wondering what support your confidence regarding the leasing of the 50% remaining by end 2021. Again, if there is any change in the kind of rent level that you expect compared to what was negotiated before that. A follow-up question on the office segment and on the pre-letting. Just wondering what kind of pre-letting level will you consider before launching a new project? Any point of reference?
Finally, looking at your net current cash flow guidance for 2021. If you look a bit, we see that you expect the rebound in property development, maybe of course not to the level of 2019. You have the growing Icade portfolio and your annualized contributions of the asset delivered in 2020. The new projects in 2021. Just wondering, where are the negative coming from? Do you expect higher vacancy, rent delinquency, or any pressure on rental level that explain the guidance? Thank you.
Okay. On the office question, Emmanuelle, you want to answer it? After that, Victoire, on the guidance.
Yes, concerning the support measures that have enabled us to provide support to our tenants. Of course, at the opposite end of the scale, that has also enabled us to lengthen the leases, generally speaking, on average two months. Two months rent that we've paid out for 2020, and this corresponds basically to the lockdown period and also the period where a lot was closed down. What they then grant us is extending the lease by 2.9 years by the leases that were concerned by these renegotiations. For the new leases that we signed this year, there are support measures that are very much in line with those that we were in a position to provide and offer back in 2019. Another question was the question concerning the [Park View] that is sold at about 50% today.
We're currently discussing the question. Because of the crisis, basically, the decisions take a bit longer at the moment. I'm talking about the decisions made by our prospects and our tenants. It's true, it's taking a little bit longer than for previous years. We're very confident that at the end of this year, this building will be rented 100%.
New development schemes, I don't think there is a single answer for it, because it's case by case. More or less, I think if we are able to achieve a pre-letting of 50%, we will be much more comfortable to launch the scheme with the remaining part of 50% on a speculative basis. For sure, get a little bit less aggressive compared to the previous period. Victoire, on the way we have built the guidance.
The guidance, yes. Of course, as you said, we have put into account a positive outlook on our property development business line. We have also a positive outlook on the Healthcare side because of the continuing growth plan. In addition, regarding our office division, we are more cautious, especially if you are taking into account the forecast regarding indexation. It should be slightly negative regarding our office division. In the meantime, of course, we are cautious regarding the letting activities for 2021. It's a combination of those three elements, which give you the guidance, without taking into account the negative impact of the disposal we will do in 2021.
On top, let's say, we are a little bit more conservative in the way we are building the guidance due to the fact that the crisis is not over. We have to be a little bit cautious. Another question? Yes, by telephone.
The next question comes from the line of Céline Soo-Huynh from Barclays. Please go ahead.
Hi, everyone. Sorry, Victoire, I'm going to go back to the guidance again. I'm going to ask you to put some numbers behind it. You previously guided to muted like-for-like rental growth for 2021 during this CMD. What is driving the 3% increase this year? If you could break down this increase, please. To what extent is this coming from the potential recovery for Icade Promotion, and what are your assumptions regarding the scrip dividend into that guidance? Thank you.
What I can add, regarding my last comment, is that this guidance is also taking into account assumption on the scrip dividend, so a small dilution impact. I will not give you a precise figure regarding each business line. I'm sorry, Céline, it's quite a mix of assumption for each of the business line, I will not be more precise on that.
Is it fair to say because, if I just sort of what you're giving us in terms of like for like rental growth, that your top line will remain pretty much flat, your EPS is going up, maybe that's coming from Icade Promotion. Is that fair to assume?
Yes, of course, there is a positive impact of Icade Promotion. Of course. We were at a very low-level last year, with only EUR 2.5 million in net cash flow. You can imagine that 2021 should be significantly more positive than EUR 2 million.
Okay, thank you.
Another question by telephone.
The next question comes from the line of Marcus Phayre-Mudge from BMO London. Please go ahead.
Hi. Good morning, ladies and gentlemen. Thank you for your presentation. Two questions. I'll ask them separately so you can answer them in order. Can you just explain the rationale for the potential or the partial scrip dividend, given that your discount is at record wide levels, and the point that you made is that you have a sound financial structure, and you're not in need of significantly reducing your LTV, even though it is a medium-term target to do so. I was expecting you to say, "No, we're going to pay the whole dividend in cash because we don't want to have a diluted impact." If I could take the answer to that question first, then I'll come on to my second one. Thank you.
Well, as I said, I think it's a really limited amount. It will be part of the second part of the dividend. In term of EUR 1 million, it's a limited number. Nevertheless, we are in an environment which is uncertain, and we do think that it's the good way to maneuver, to strengthen a bit. Even if we don't absolutely have the necessity to do so, to strengthen our shareholder fan. We will confirm that again one month before the Annual General Meeting. It has a small dilutive impact, but disposal also. At the end of the day, I don't think that there is an option which is more dilutive compared to the other. On top of that, I think it's also a good way to thank our shareholder that have a clear view of our potential for the near future.
If they do choose the scrip option, I think they could benefit from that. Even for our shareholder, if you could say that there is a very small dilutive impact on the midterm perspective for them, I think it's also a good news.
Okay. Thank you. Just to be clear on the mathematics, clearly selling buildings at asset value is far better than issuing paper at large discounts, but we can discuss this, the whys and wherefores another time. I accept it'll be relatively modest, but I never think that's a particularly good reason for suggesting that it's okay to do something just because it has a small impact. Anyway. Moving on to my second and last question, please. Slide 37, where you comment that nearly 60% of the office portfolio is core and core plus, and you define that as having a WALT of more than three years and an occupancy rate of more than 80%. I think this may be just something lost in translation from my perspective.
Does it mean that the other 40+% are buildings that you ultimately wish to get rid of, or they need refurbishment, or they literally are perfectly okay, they just have very short leases and a occupancy rate of below 80%? Are they buildings that actually you're trying to get rid of them in due course. Thank you. A bit more color on that'd be great. Thank you very much.
Yeah, sure. We never get rid of assets. Our job as asset manager is to, and especially for Icade and for the office portfolio, for [inaudible] it's another story, but our job is to transform a piece of land, part of our land bank, into a scheme in the development pipeline, then to start the construction. Then you have a value add, an opportunistic opportunity. Then you are started to lease and you have value add opportunity because it half fully let or not, and then you have core and core plus. Our job is to always transform the portfolio. Clearly, our job is not to have 100% of the portfolio core, because otherwise you don't create value. Just to give a figure, it's the first time that we are giving this figure because sometimes we hear that our portfolio is not core.
It's just about, I think definition and what you think, but we have a lot of brand-new building, and buildings that are fully let with long-term and mid-term cash flow. For sure, we will not get rid of the 40%. If you look at what we have announced this morning for disposal, our job, I think, is clearly to sell core asset and our job is clearly to transform opportunistic and value add asset into core plus and core asset. Then you could make the choice to dispose, because it's the normal rotation within an office portfolio. The point is that, for sure, in a market which is a bit different and where the visibility is low, you could say, okay, what will you do with your opportunistic and value add opportunity?
For sure, maybe it will take a little bit longer to transform them into core or core plus asset, we are still going and moving forward to do so. We will continue to do the normal rotation as we have announced within the portfolio and to continue to transform. We start because we have the land bank. We start from the land bank, then you have opportunistic opportunities or asset, and then value add, core plus, and core. Sometimes an asset that is core could come back core plus because the lease is shorter. Then our job is to start the negotiation with the tenant in order to increase the length of the lease.
It's just to say that, even in a market which could be more difficult or which could be more volatile, I think with this kind of figures, our office portfolio will be very resistant, to say, resilient.
That's very useful. Apologies, I didn't mean get rid of as a emotive term. It's more obviously in terms of what you want to do with it. Just one more allied question to that. Are you finding that given the increasing focus on carbon neutrality and enhanced building quality, that within your opportunistic and value add portfolio, these are buildings that need to be basically renovated, refurbished, et cetera, and in some cases, replaced. Are you finding an increase in the cost of that refurbishment because of the need to improve the functionality and the environmental capability of these buildings? Is that a fair point?
I think the fair point is to say that Icade has started now since 2014, to reduce the carbon footprint of our portfolio. That's why our main KPI for the office portfolio is the decrease of the carbon footprint between 2015 and 2025 by - 45%. We have, I think, anticipated, on the Paris Agreement, the COP 21, and also on the evolution of the regulation in France that will be announced within the next few years. The figure that we have given here on slide 37 and the low carbon strategy that we have presented at the beginning of February, it was to show that we have far anticipated that topic. Which is more and more important for our client, for our tenant. Overall, our portfolio is already fully aligned on the 1.5 degree trajectory which is the commitment for France.
It is something that we have integrated in all our new schemes, in order to have a product which is attractive for our tenant. It is true that in the past, the cost of that compared to a regular office building was higher in terms of cost of construction. I think the fact that with the new regulation in France, all the players will have to play with the same rules is, for us, a good news because at Icade, we have anticipated that topic. For sure, the cost of our building since 2014, 2015 was higher because we have implemented already, low carbon target, but now all the players will have the same rule. We will not have this kind of a difference between the cost of our building, and the cost of the building of other investors.
It was also fair to say that if we are, and I think it's fair to say we have been, let's say, quite successful in the way we have pre-let our development pipeline in 2016, 2017, 2018, 2019. It was also because the type of asset, the type of building that we were putting on the market, was, in terms of low carbon, state-of-the-art, and it's important for large corporate. If we have been able to sign with Paris 2024, with Technip, with some other larger tenant, with Groupama, and so on. It was because those buildings were, in terms of low carbon, also state-of-the-art and more and more large corporate, they are focused on that.
Thank you very much.
Last question, yes, by telephone.
The last question comes from the line of Thomas Martin from HSBC. Please go ahead.
Hello. I have basically two questions. On your investment pipeline, the Healthcare business, you mentioned you have currently a volume of a bit more than EUR 1 billion under review. Regarding that, would it be possible to have a rough breakdown by country? A follow-up here, more specifically on Spain. Could you elaborate a bit on your plans there? You said you have exclusive talks. Is it possible to have a bit more information on that regarding timeline, volume, what yields you're looking for? That would be great. That's my question. Thank you.
Thank you for the question, Xavier Cheval will answer the question about the pipeline and Spain.
Good morning. About the Healthcare investment pipeline. We disclosed a EUR 1 billion figure. To break it down roughly by country, it could be 30% in France, 30% in Southern Europe, Italy, Spain, and 40% in Germany. You can figure out the level of yields because it could be within the market. Between 4.5% and 5.5% net yield. Regarding the exclusive discussions we have in Spain currently with one operating company. It's a small portfolio at this stage of assets under construction. It's a start for us in this country, which is a promising one, because of its size of population. We expect, beyond these two first acquisition, to build a partnership, leading to, in total, 10 assets within our portfolio with this operator.
It should be, in terms of timing, closed within the first semester, and the completion of the assets coming by 2022.
Thank you very much for attending this presentation. If you have any further question, do not hesitate to contact Anne-Sophie Lanaute or Victoire Aubry, and we will be more than happy to revert to you and to answer. Our next meeting with you will be for the AGM the 23rd of April. Thank you very much.