ICG Real Estate (“ICGRE”), the real estate division of global alternative asset manager, ICG, in joint venture with GRR GARBE Retail (“GARBE”), acting as local operating partner, and a German Institutional Investor, has completed the acquisition of a portfolio of 15 supermarkets and seven hypermarkets from leading Italian operator, Coop. The assets were purchased on behalf of ICGRE’s Strategic Real Estate II fund, and have been subsequently let to Coop on a 30-year lease.
Totalling 140,000 square metres in gross lettable area (GLA), the portfolio is primarily located in the wealthy northern Italian region of Emilia Romagna. The assets are situated in key locations and are mission critical for Coop, which has a c. 25% market share in the region.
The lease consists of a 30-year duration without a break clause, circa twice the standard lease length for comparable transactions, plus full indexation on the Italian CPI and no landlord maintenance capex. The lease structure – rare in the Italian market – protects Coop’s interests in the long term and provides the real estate investors with secure, high-yielding cash flows.
ICGRE invests in operationally critical real estate with long-term, durable cashflows. As part of this strategy, ICGRE is a market leader in European sale-and-leasebacks, working with high-quality corporate partners to provide alternative financing for existing real estate holdings.
Luca Lelli, Managing Director at ICG Real Estate, commented:
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. A market leader in the Italian grocery sector, Coop is a valued partner, and we look forward to enhancing the portfolio for our mutual benefit.
Thomas Kallenbrunnen, Managing Director at GARBE, added:
This acquisition represents a key milestone in GRR GARBE Retail’s journey. It reflects our growth ambitions, from expanding our Value Add business in Germany to taking our first steps into the European market after having acquired GRR a year ago. By entering the Italian retail market, we are laying the foundations for our long-term growth plans.
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For further information please contact:
ICG
Clare Glynn
+44 20 3545 1395
[email protected]
GRR GARBE Retail
Jürgen Herres
+49 176 60738682
[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 $106bn 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 30 September 2024.
About GRR GARBE Retail
GRR GARBE Retail Real Estate GmbH specializes in retail real estate in Germany, focusing on investment and asset management. Headquartered in Nuremberg, GRR has been part of GARBE Institutional Capital since early 2024. GARBE is a family-owned real estate company based in Germany, with ca. 600 employees across 20 locations in 13 countries and real estate assets of approximately €15 billion.
For more information about GRR GARBE Retail, visit www.grr-garbe.com.
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