ICG Real Estate, the real estate division of ICG, today announced that its Sale and Leaseback Team (“ICG SLB”) acquired a portfolio of seven prime, ambient, chilled and frozen distribution facilities from Wm Morrison Supermarkets for £220 million.
Each property is leased on an index linked and triple-net basis for a term of up to 25 years.
ICG’s Sale and Leaseback team focuses on the acquisition of core plus and mission critical assets in Europe, which can generate long term, inflation-protected income streams. The team is comprised of 12 individuals with strong on the ground relationships in key geographies.
Jo Goff, Morrisons Chief Financial Officer, said:
Chad Brown, Managing Director at ICG Sale and Leaseback, commented:
Chris Nichols, Managing Director and Portfolio Manager of ICG Sale and Leaseback, added:
ICG was advised on the transaction by CBRE, Ashurst & Hogan Lovells.
Morrisons was advised by Knight Frank and Eversheds.
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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 $68.5bn 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.