Real Estate

Mission critical assets

ICG Real Estate
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Real Estate

 

ICG Real Estate is a high conviction thematic solutions provider for best-in-class real estate businesses and assets.

 

We aim to be a leading global investor. We have through-cycle expertise across the capital structure:

Equity

Seek to acquire or provide growth capital to high‐quality, mission-critical assets, portfolios and platforms


Credit

Aim to provide flexible and tailored senior and whole‐loan solutions to real estate sponsors and corporates


Thematic

Focus on strong structural tailwinds and trends: onshoring, digitalisation, living, logistics, leisure


Equity strategies

  • 01
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Metropolitan

Metropolitan

Opportunistic real estate equity thematic investments in high-quality assets at attractive pricing.

Focused on European logistics, where Metropolitan's competitive edge lies in accessing high quality warehouse assets at a material discount to market through proprietary, non-traditional channels and below the radar of our competitors.

02

Strategic Real Estate

Strategic Real Estate

Acquires high quality European real estate, primarily through sale-leaseback transactions.

Pan-European strategy targeting operationally critical real estate in strong occupational markets. Focused on three high conviction sectors:

  • Industrial/logistics
  • Grocery
  • Social infrastructure

Credit strategies

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RED

RED

Jai Patel

Co-Head of Real Estate Debt

Real Estate

London

A secured credit strategy focused on real assets.

Thematic driven, pan-European whole and development loan strategy, primarily focused on investments supporting digitisation, urbanisation and the green transition across the UK, France and Germany.

02

Living

Living

Jai Patel

Co-Head of Real Estate Debt

Real Estate

London

Dedicated housing finance team with £1.9bn deployed into residential across over 14,000 units.

Focused on urbanisation which offers structural tailwinds and strong inflation protection, with urban populations projected to increase 1.85x in European cities by 2050 (Source: World Bank, 2023).

The ICG Real Estate advantage

We aim to differentiate our approach, coupling corporate and hard asset expertise with a partnership mentality to build best in class scalable real estate businesses.

  • We are capital solutions providers, partnering with corporates and other sellers to unlock liquidity
  • We have established sourcing channels, generally off market via corporates and other special situations
  • We aim to excel in complexity – our sourcing, structuring and execution skills can result in significant day one value for our investors
Our latest thinking: The corporate credit route to urban logistics
3D illustration of ICG momentum

Q+A: ICG’s Krysto Nikolic on creating a global business, Trump and going big in logistics

ICG's Global Head of Real Estate assesses progress made over the past three years and plans for the future

Green Street News

ICG was awarded ‘Real Estate Manager of the Year’ at the UK Professional Pensions Awards 2025. The Awards recognise excellence among schemes, consultants, asset managers and providers.

Real Estate Manager of the Year

ICG LinkedIn
ICG is UK Pensions Awards 2025 Real Estate Manager of the Year

PERE's European Roundtable 2025: Green shoots of recovery appear in European real estate

Greg Minson, Global Head of Asset Management, ICG Real Estate

"Sentiment is improving, albeit off a low base, and real estate funds deployed at 2024 and 2025 asset pricing will be a good vintage."

ICG Client Lounge
Greg Minson

Isobel Dench

Managing Director at ICG Real Estate

"The retirement market has compelling demographics supporting it, which is expected to encourage future demand. We see this development as a great opportunity to enter the market alongside experienced sponsorship, in a prime location with strong micro fundamentals."

£63m loan for 100-unit luxury Integrated Retirement Community
Isobel Dench

Tim Fuzesi

Managing Director and Head of North America, ICG Real Estate

"ICG Real Estate is a leading investor in global real estate and we are excited to be part of this further expansion. I look forward to working with new colleagues as we extend the platform’s successful strategy with offerings tailored to the US market."

ICG Real Estate grows North American business
Tim Fuzesi

Twenty Most Influential in Real Estate 2025

ICG Real Estate’s Global Head, Krysto Nikolic, was named as one of twenty ‘Most Influential in Real Estate 2025’ by Private Equity News. Krysto has led over €14bn of real estate acquisitions in his career.

Private Equity News
Krysto Nikolic

"The sale and leaseback market in Europe is highly fragmented and the majority of assets are outside of the institutional real estate ownership. We estimate that more than two-thirds of the total asset volume is held by European corporates, frequently as owner occupiers."

Greg Minson

Global Head of Asset Management, ICG Real Estate

PERE’s 2025 Industrial & Logistics report
Greg Minson

Luca Lelli

Managing Director, ICG Real Estate

"This transaction underscores our ability to work in collaboration with corporate occupiers to find innovative solutions that ensure their long-term real estate needs while also providing immediate value appreciation for our investors."

€222m retail grocery portfolio in Italy

“As global megatrends around urbanisation and digitalisation accelerate, real estate markets are being reshaped in ways that present compelling opportunities for alternative lenders.”

David Mortimer

Co-Head of Real Estate Debt, ICG

Digitalisation and European Debt Investing
David Mortimer

ICG was awarded Commercial Real Estate Debt Manager of the Year, for a second consecutive year. Professional Pensions’ robust methodology considers performance over both a 12 month and three year time period.

Professional Pensions Investment Awards 2024

2024 Winners

ICG Real Estate at a glance

$9.0bn

Total assets under management (AUM)

(31 March 2025)

13

Year track record

€11bn

Total deployed1

(30 September 2024)

€6.8bn

Total realised value2

(30 September 2024)

(1) ICG Real Estate total deployed of €11,059m across all debt and equity strategies and mandates. Debt deployed = Total peak drawn capital; Equity deployed = Invested equity. (2) ICG Real Estate total realised value of €6,761m. Equity realised value = realised income returns + capital returned; Debt realised value = total peak drawn capital from realised loans (final realised multiple).

Global breadth, local knowledge

ICG Real Estate’s dedicated, vertically integrated global team has a local presence in cities in Western Europe and North America.

ICG’s global footprint
ICG New York
Boardroom in ICG New York office

Real Estate in the ICG Client Lounge

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