ICG Real Estate (ICGRE), the real estate division of global alternative asset manager ICG, has signed an agreement to acquire a portfolio of 24 grocery stores from global grocer Lidl. ICGRE will acquire the portfolio on behalf of its Strategic Real Estate II Fund (SRE II) for a purchase price of €203.5 million ($252.3 million), with each asset to be subsequently leased to Lidl on a long-term, triple-net lease.
The portfolio, totaling about 50,000 square meters (538,200 square feet), is composed of 17 U.K. assets, four Irish assets and three Spanish assets, each of which is between about 1,780 square meters and 2,325 square meters (19,160 square feet and 25,030 square feet) in size. The stores are currently at various stages of construction, with ICGRE committing to forward purchase each newly developed Lidl store upon its practical completion. The first acquisition completed in October 2025, with the final purchase set to occur in July 2026.
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