Icade has agreed to sell most of its French residential properties for about €2bn to a group led by the public housing unit of its largest shareholder, state-owned Caisse des Depots et Consignations.

Societe Nationale Immobiliere, a division of CDC, and 25 public and social housing agencies will buy more than 28,000 rental homes from Icade, according to a statement today. Separately, Icade will transfer 4,745 other units to ventures formed with SNI, which will also manage them.