ICG offloads Austrian asset to Innio Group for €138m

ICG Real Estate (ICGRE), the real estate arm of global alternative asset manager ICG, has sold an asset in Jenbach, Austria, to Innio Group, a manufacturer of reciprocating gas engines, for €138 mln. 

Krysto Nikolic

This sale, made on behalf of ICGRE's Strategic Real Estate I Fund, occurred two years ahead of schedule and generated returns significantly higher than initially forecast.
ICGRE originally acquired the property from Innio in October 2020 through a sale-and-leaseback agreement. Under this deal, Innio leased the site back for 20 years with a triple-net lease and a 2% annual rent increase.
The Jenbach site functions as Innio's headquarters and is its primary hub for research, technology development, digital advancements, 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 mutual benefit of Innio and our investors. This sale affirms our core thesis of value creation through sourcing of mission-critical real estate and the engineering of innovative solutions for corporate occupiers, ensuring their long-term infrastructure needs while generating meaningful outperformance.”