A fund managed by the real estate arm of asset manager ICG has acquired a €222m Coop Italian retail grocery portfolio in a sale and leaseback transaction.
ICG Real Estate’s Strategic Real Estate II fund, in partnership with local partner GRR Garbe Retail and an undisclosed German institutional investor, has acquired 15 supermarkets and seven hypermarkets from Coop. The properties have been leased back to the Italian operator under a 30-year agreement.
The 140,000sqm portfolio is mainly located in the northern Italian region of Emilia Romagna.
Luca Lelli, managing director at ICG Real Estate, said: “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, said: “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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