- Sale-and-leaseback transaction will see Lidl sell – and subsequently occupy – 24 newly developed stores, to be owned by ICG
ICG Real Estate (“ICGRE”), the real estate division of global alternative asset manager, ICG, today announced that it has signed an agreement to acquire a portfolio of 24 grocery stores from global grocer, Lidl. ICGRE will acquire the portfolio on behalf of its Strategic Real Estate II Fund (“SRE II”) for a purchase price of €203.5m, with each asset to be subsequently let to Lidl on a long-term, triple-net lease.
The portfolio, totalling c. 50,000 square meters, is composed of 17 UK assets, four Irish assets and three Spanish assets, each of which is between c. 1,780 and 2,325 square meters in size. The stores are currently at various stages of construction, with ICGRE committing to forward purchase each newly developed Lidl store upon its practical completion. The first acquisition completed in October 2025, with the final purchase set to occur in July 2026.
Lidl is the world’s third largest grocer in revenue terms, generating revenue of €88.6bn and EBITDA of €5.5bn in 2024, with over 12,000 stores across more than 30 countries. The non-discretionary grocery sector continues to exhibit growth and resilience, with Lidl’s value proposition providing strong downside protection through macro-economic turbulence. This transaction allows the grocer to recycle capital into its core business, thereby supporting its growth strategy.
ICGRE is a leading player in European sale and leasebacks, sourcing mission-critical real estate with long-term, durable cashflows, predominantly through its proprietary network of corporates looking for liquidity, with the majority of transactions not available to the broader market.
Krysto Nikolic, Global Head at ICG Real Estate, commented:
This acquisition aligns perfectly with our investment strategy for SRE II. Through this sale-and-leaseback agreement we have secured a portfolio of brand new, purpose-built and mission-critical properties let on very long-term leases, delivering highly sustainable triple-net income from Lidl, one of the world’s leading grocery brands selling non-discretionary items to consumers. We are excited to be partnering with Lidl on this mutually beneficial transaction, which provides a route for the grocer to recycle capital back into its core business, whilst our investors benefit from secure, highly visible and growing future rental cashflows.
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For further information please contact:
Clare Glynn
Head of Corporate Communications
+44 20 3545 1395
[email protected]
Maisie Le Masurier
Corporate Communications
+44 20 3545 1624
[email protected]
About ICG
ICG (LSE: ICG) is a global alternative asset manager with $124bn* in AUM and more than three decades of experience generating attractive returns. We operate from over 20 locations globally and invest our clients’ capital across Structured Capital; Private Equity Secondaries; Private Debt; Credit; and Real Assets. Our exceptional people originate differentiated opportunities, invest responsibly, and deliver long-term value. We partner with management teams, founders, and business owners in a creative and solutions-focused approach, supporting them with our expertise and flexible capital. For more information visit our website and follow us on LinkedIn.
*As at 30 September 2025.
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