ICG Real Estate acquires Morrison’s distribution facilities for €255m

ICG Real Estate has acquired a portfolio of seven prime, ambient, chilled, and frozen distribution facilities from Wm Morrison Supermarkets for €255.3 million ($268.7 million).

Each property is leased on an index-linked and triple-net basis for a term of as long as 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,” said Joanna Goff, Morrisons CFO. “The acquisition of McColl’s earlier this year gave us a leading position in the U.K. convenience market, and next year we are on plan to open a further five supermarkets across the U.K., and to invest further in our manufacturing operations.”

Chad Brown, managing director at ICG sale and leaseback, added, “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 conti