ICG Real Estate (ICGRE), the real estate division of global alternative asset manager ICG, has announced it has sold an asset in Jenbach, Austria, to INNIO Group, a manufacturer and servicer of reciprocating gas engines, for €138 million ($160 million). Executed on behalf of ICGRE’s Strategic Real Estate I Fund, the sale takes place two years ahead of schedule, achieving returns materially in excess of initial projections.
ICGRE first acquired the asset from INNIO in October 2020 through a sale-leaseback agreement in which the Company leased back the site on a 20-year triple-net lease with annual 2 percent rental uplifts.
The asset serves as INNIO’s headquarters and its primary center for research, technology development, digital evolution and the manufacturing of its Jenbacher gas engines and energy solutions.
Krysto Nikolic, global head of ICG Real Estate, commented, “We are delighted to dispose of this asset, significantly ahead of schedule and to the
