ICG Real Estate, the real estate division of ICG, has acquired a portfolio of seven prime, ambient, chilled and frozen distribution facilities from WM Morrison Supermarkets for $270.30 million.
Each property is leased on an index and triple-net basis for a term of up to 25 years.
“We continue to invest in our strategy of becoming a broader, stronger, more popular and more accessible business and this transaction will help to finance further investment,” says Jo Goff, Morrisons CFO. “The acquisition of McColl’s earlier this year gave us a leading position in the UK convenience market and next year we are on plan to open a further five supermarkets across the UK, and to invest further in our manufacturing operations.”
“The Morrisons portfolio is a prime example of the mission critical real estate we are seeking to acquire. We look forward to working with Morrisons as they continue to grow their footprint,” says Chad Brown, managing director at ICG Sale and Leaseback.”
ICG was advised on the transaction by CBRE, Ashurst & Hogan Lovells. Morrisons was advised by Knight Frank and Eversheds.