ICG Real Estate, the real estate division of ICG has launched a new investment platform together with Paris-based specialist investor and asset manager, Atlantic Real Estate. The platform will target a €500m+ gross asset value portfolio via acquiring or developing last-mile logistics and light industrial assets across Greater Paris and other major population centres in France.
The venture is seeded with a portfolio of 26 assets, representing approximately 100,000 square metres of high-quality distribution space, fully let to large corporate and government tenants.
The portfolio is the first transaction for the new ICG Real Estate Opportunities strategy and has been sourced entirely off-market. ICG Real Estate Opportunities targets value-add and opportunistic investments between €50-150M of equity, primarily across France, Germany and the United Kingdom. The strategy will focus on special situations and platform building across the distribution, industrial and living sectors.
Commenting on the new platform, Adam Golebiowski, Managing Director and Co-Portfolio Manager for ICG Real Estate Opportunities said:
Fabien Ayvazian and Yoel Cytron, Founders and Co-CEOs at Atlantic Real Estate, added:
“The French logistics market is one of the most attractive in Europe given the low vacancy, constrained supply of land and strong growth in e-commerce that will support rental growth going forward. We are currently working on several new investment opportunities and are looking to capitalize them as we continue to grow our venture with our trusted partner ICG Real Estate.”
Fairway acted as legal advisor to ICG Real Estate / Atlantic Real Estate and BNP Paribas acted as commercial advisor. Matignon Notaires acted as buyer’s notary on the transaction and Le Crédit Lyonnais (LCL) provided financing for the acquisition.
For further details please contact:
ICG provides flexible capital solutions to help companies develop and grow. We are a leading global alternative asset manager with over 30 years’ history, managing $72bn 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.