Lazard has been appointed by French state-owned bank La Caisse des Depôts et Consignations to advise on the float next year of its real estate arm, Icade.

Icade aims to expand in France and in Europe, and a float is the best way to achieve its goals, Francis Mayer, chief executive of La Caisse des Depôts, told French newspaper, Les Echos, in an interview.