ICG Real Estate (ICGRE) has completed four UK last-mile industrial and logistics transactions for approximately £50m for its Metropolitan platform.
The company has acquired circa 600,000 sq ft across five assets let to National Timber Group in Reading, Birmingham, Sheffield, Newcastle and Hull.
The remaining three transactions are for four assets totalling circa 240,000 sq ft in Birmingham, Manchester and Merseyside. The company said the assets were anchored by strong tenants and had an average lease length of circa 11 years.
The new assets will be managed by Axel Logistics, ICGRE’s dedicated specialist pan-European urban logistics platform.
Luca Lelli, managing director of ICG Real Estate, said: “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.”
