ICG Real Estate’s strategic real estate team has completed the freehold purchase of five data exchanges in Central London let to Vodafone UK from British Land for £125m.
Vodafone’s existing leases on the 260,000 sq ft portfolio, which are located within zone one, have been renegotiated and extended to 2048 and include RPI-linked increases.
Chris Nichols, head of ICG’s strategic real estate team, said: “Working in partnership with Vodafone, we engineered a solution which secured its long term infrastructure, whilst generating an immediate value uplift for our investors. This is a clear demonstration of our ability to provide both certainty of execution and a solution for corporate occupiers. We look forward to working with Vodafone to asset manage and enhance the existing portfolio, whilst seeking to unlock additional mutually beneficial opportunities.”
Colliers acted as advisor to ICG Real Estate on the transaction, as well as for Vodafone in its lease regear for the continued long-term use of the assets.
Robert Campkin, head of corporate capital solutions EMEA at Colliers, said: “This was a complex and fast-moving combination of deals. We worked with ICG to acquire the portfolio, and at the same time worked with Vodafone UK to agree long term lease regears to protect both its occupation and provide ICG with the long lease that was critical to its investment thesis. A great example of collaboration and deal management from all parties involved and across the breadth of Colliers’ corporate capital solutions and capital markets teams.”
