ICG Real Estate (“ICGRE”), the real estate division of global alternative asset manager, ICG, today announced that it has completed the acquisition of the Springbox platform, a UK logistics portfolio, from Equites Property Fund Limited, the Johannesburg Stock Exchange-listed REIT, for £200m. The acquisition has been made on behalf of ICG Metropolitan II (“ICG Metro II”).
The portfolio comprises five UK distribution assets located in key logistics hubs: Coventry, Reading, Burgess Hill, Barnsley and Wakefield. The properties are let to a diversified roster of global occupiers including GXO Logistics, DHL International, Roche Diagnostics, Evri and Puma.
The acquisition provides high-quality, income-producing assets with strong underlying credentials. The portfolio offers opportunistic return characteristics underpinned by core fundamentals and benefits from long lease terms, high-quality tenants and embedded rental growth, with a significant proportion of income linked to inflation indices, supporting income visibility and long-term performance.
The acquisition reflects ICGRE’s continued conviction in the UK logistics sector, where supply constraints, evolving occupier requirements and structural demand drivers continue to support rental growth and investment performance, reinforced by the accelerating impact of AI on logistics demand. The transaction follows the €1.4bn close of ICG Metro II, materially surpassing its €1bn target owing to strong demand from a globally diverse group of investors including sovereign wealth funds, pension funds, insurance companies and asset managers.
Krysto Nikolic, Global Head of ICG Real Estate, commented:
This transaction underscores our ability to originate and execute high calibre opportunities at compelling pricing within the UK logistics market. ICG Metro II operates from a distinctive and differentiated platform, and this acquisition further reinforces our position as one of Europe’s largest owners of high-quality, long-duration, triple-net lease assets.
The Springbox portfolio consists of best-in-class logistics real estate assets, and we look forward to delivering value through active asset management and close collaboration with occupiers to drive sustained growth and performance.
-ENDS-
For further information please contact:
Clare Glynn
Head of Corporate Communications
+44 20 3545 1395
[email protected]
About ICG
ICG (LSE: ICG) is a global alternative asset manager with $126bn* 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 31 March 2026.
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