BOAL is a leading designer and manufacturer of specialised aluminium components, which are used in commercial greenhouses. BOAL was established in 1970 and serves the high-tech commercial greenhouse space providing solutions that improve crop yields (versus traditional open farming methods), minimise water consumption and reduce food waste. The three sites ensure the business is positioned to take advantage of tailwinds as the demand for sustainable and reliable food production increases in the face of climate change and a growing global population.
Chad Brown, Investment Director of Sale & Leaseback at ICG said:
This is an attractive deal for ICG, underpinned by strong real estate & tenant fundamentals, with the investment ultimately underpinned by growing demand for sustainable fresh food and limited arable land, creating sustained growth in the commercial greenhouse sector. We look forward to working with BOAL, as they continue to expand.
We continue to actively seek opportunities and are targeting mission critical assets across continental Europe and the UK. We have circa €1bn to invest and will look at all sectors and opportunities, where the importance of the asset to the tenant is evident.
ICG was advised by CBRE.
Swiss Real Estate Capital AG, Zurich (“Swissrecap”) brokered the transaction and advised BOAL.
Bernhard Trubrig and Marc Battenfeld, partner at Swiss Recap said:
“It was a pleasure to advise our client BOAL on this transaction. As a consulting company with many years of experience in sale and leaseback transactions, we appreciate the competent and professional approach of ICG.”
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ICG provides flexible capital solutions to help companies develop and grow. We are a global alternative asset manager with over 30 years’ history, managing $69bn of assets and investing across the capital structure. We operate across four asset classes: Structured and Private Equity, Private Debt, Real Assets, and Credit.
We develop long-term relationships with our business partners to deliver value for shareholders, clients and employees, and use our position of influence to benefit the environment and society. We are committed to being a net zero asset manager across our operations and relevant investments by 2040.