Over the last nine months, Metropolitan has acquired 35 assets across the UK, France and Germany through 8 separate transactions, with a total gross asset value in excess of €500M. The portfolio has been acquired in a repriced market environment through off-market and special situations.
Approximately 65% of Metropolitan’s assets are located in London, Paris, and Berlin, cities with significant supply and demand tension and demonstrable rental growth potential. The portfolio is fully let and offers significant value creation opportunities through densification and rental reversion through active asset management.
The formation of Metropolitan has been spearheaded by ICG Real Estate’s opportunistic team and has received strong backing from leading global institutional investors, placing the platform in a favorable position to continue to take advantage of current market dislocation with substantial dry powder. The platform has a strategic growth plan to expand to over €1.5BN within the next 18 months, with a strong pipeline already identified across key target markets.
Krysto Nikolic, Global Head of ICG Real Estate, commented:
We are delighted to announce the formation of Metropolitan Last Mile which will continue to acquire high-quality distribution and industrial assets in some of the strongest, undersupplied European markets. In the past six months we have taken advantage of the significant dislocation and repricing in European logistics markets to assemble the existing portfolio, under the radar and at very attractive prices. As markets continue to be unstable, we anticipate that our “special situations” approach to the sector will allow us to access value in an asset class that continues to have very robust demand and supply fundamentals.
Adam Golebiowski, Managing Director, Co-Portfolio Manager of ICG REO, commented:
“We are happy to have received the backing of some of the leading global investors to create Metropolitan Last Mile. Our pipeline is highly promising, particularly in the current repriced environment, presenting excellent investment opportunities. We are confident that Metropolitan Last Mile will establish itself as a benchmark European platform for urban distribution and industrial assets.”
For Further Information
ICG
Clare Glynn
Head of Corporate Communications
Tel: +44 (0)20 3545 2000
[email protected]
About ICG Real Estate
ICG Real Estate is a leading real estate manager with a 12-year track record of success in Europe. With expertise in both debt and equity strategies, the firm has raised and invested approximately €10 billion across 10 funds. Supported by a team of 60 professionals located in London, Paris, and Frankfurt, ICG Real Estate has completed transactions exceeding €1.5 billion and successfully raised €1.2 billion in capital over the last 12 months, solidifying its position as a reliable and trusted partner in the real estate market.
We are part of ICG, a leading global alternative asset manager with over 30 years’ history, managing $80.2bn of assets and investing across the capital structure. ICG provides flexible capital solutions to help companies develop and grow. 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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