The fund has closed after reaching its €1.2bn hard cap, exceeding its initial target raise of €1bn. It has received support from a broad and international group of investors, including pension funds, insurance companies and sovereign wealth funds.
The Sale and Leaseback market is well-developed in the US and is expected to grow significantly in Europe as more businesses recognise the opportunity to release capital tied up in their real estate and redeploy it in the business.
Benoît Durteste, ICG CIO and CEO said:
“Sale and Leaseback is a great example of the power of ICG’s ecosystem: a collaboration between the Real Estate and Private Debt investment teams, initially using our balance sheet to make seed investments, and leveraging the expertise of our platform to successfully bring this sustainability-themed strategy to market. This successful first time fund raise reinforces ICG’s ability to innovate new strategies and underlines the strength of our client franchise.”
Kevin Cooper, Co-Head of ICG Real Estate, commented:
“ICG’s Sale and Leaseback I is the largest pure play sale and leaseback investment vehicle in Europe, and we are grateful to our clients for their level of support. This is our first pan-European real estate equity strategy and is a significant step in the build-out of the ICG Real Estate business. Our research and experience on the ground identified this as a highly attractive, enduring, and scalable space to operate within, and this conviction has clearly been shared by our clients.”
Chris Nichols, Portfolio Manager added:
“We are grateful for the commitments we have received from our investors. Our investment mandate, the scale of the Fund I vehicle, and the depth and breadth of the team has established us as a leading participant in a market where we see significant opportunity for growth.
“We have acquired over €1.3bn of GAV thus far, executing investments in 8 jurisdictions and plan to enhance value both through asset management and ESG initiatives. We have a pipeline and deal flow velocity that gives us confidence in our ability to progress to our next vehicle during 2022.”
For further information please contact
Olivia Montgomery
Corporate Communications
Tel: +44 (0)20 3545 2000
[email protected]
About ICG
ICG provides flexible capital solutions to help companies develop and grow. We are a global alternative asset manager with over 30 years’ history, managing $65bn 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.
ICG is listed on the London Stock Exchange (ticker symbol: ICP). Further details are available at www.icgam.com. You can follow ICG on LinkedIn and Twitter.
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