ICG Real Estate (“ICGRE”), the real estate division of global alternative asset manager, ICG, today announced that its Metropolitan platform (“Metropolitan”) has completed on four transactions of UK last-mile industrial and logistics assets, totalling approximately £50m.
One transaction comprises the acquisition of five assets totalling c.600,000 square feet and let to National Timber Group (“NTG”), the UK’s largest independent timber distributor and processor, serving over 25,000 customers through a network of 60 sites. ICGRE worked closely with NTG to identify mission-critical sites within its network, based on strategic proximity to major ports and expansive catchment areas characterised by dense populations and strong employment growth. The cherry-picked assets are situated in core urban locations in Reading, Birmingham, Sheffield (NTG headquarters), Newcastle and Hull, with NTG having occupied each site for over 30 years.
The remaining three transactions concern four assets in prime locations across Birmingham, Manchester and Merseyside. Totalling c.240,000 square feet, the assets are anchored by strong tenants and have an average lease length of c.11 years.
The nine assets will be managed by Axel Logistics, ICGRE’s dedicated specialist pan-European urban logistics platform.
Luca Lelli, Managing Director at ICG Real Estate, commented:
This series of transactions highlights our ability to aggregate a portfolio of mission-critical assets at a very attractive entry basis by leveraging ICG’s unique network of corporate relationships. Our Metropolitan platform is focused on institutional-grade tenants and prime locations, with these particular assets offering both downside protection and significant reversionary potential in the near term.
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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 provides flexible capital solutions to help companies develop and grow. We are a leading global alternative asset manager with a 35-year history, managing $107bn 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 a member of the FTSE 100 and listed on the London Stock Exchange (ticker symbol: ICG). Further details are available at www.icgam.com. You can follow ICG on LinkedIn and Instagram.
*Past performance is not a reliable indicator of future results; as at 31 December 2024.
**Relevant Investments include all direct investments within ICG’s Structured and Private Equity asset class and Infrastructure Equity strategy, where ICG has sufficient influence. Sufficient influence is currently defined by Science-Based Targets initiative (SBTi) as follows: at least 25% of fully diluted shares and at least a board seat.
About Axel Logistics
Axel Logistics is a specialist pan-European urban logistics platform, headquartered in London. The platform manages a €1bn pan-European portfolio of logistics properties in metropolitan locations: defensive urban markets that benefit from strong structural tailwinds. The experienced team of 16 logistics specialists across UK and Germany focus on acquiring, managing and developing last-mile warehouse assets across core European markets. The platform uses data science, tenant-relationships and deep sector-expertise to derive insight and value that delivers outsized asset management outcomes and returns.
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