ICG Real Estate buys 24 Lidl stores for €203.5m

ICG Real Estate, the property arm of asset manager ICG, has agreed to purchase 24 grocery stores from Lidl for €203.5 million. 

Lidl UK store

The deal, made on behalf of ICG's Strategic Real Estate II Fund, will see Lidl lease back each store on a long-term basis.
The portfolio spans approximately 50,000 square meters and includes 17 stores in the UK, four in Ireland, and three in Spain. Each store is between 1,780 and 2,325 square meters. ICG Real Estate will forward-purchase the newly developed Lidl stores as they are completed, with acquisitions scheduled from October 2025 to July 2026.
This transaction allows Lidl, the world's third-largest grocer, to free up capital to invest in its core business and support its growth strategy. 
ICG Real Estate specialises in sale-and-leaseback transactions, acquiring essential properties with reliable, long-term income streams.
Krysto Nikolic, global head of ICG Real Estate, commented: “This acquisition aligns perfectly with our investment strategy for SRE II. Through this sale-and-leaseback agreement, we have secured a portfolio of brand new, purpose-built and mission-critical properties let on very long-term leases, delivering highly sustainable triple-net income from Lidl, one of the world’s leading grocery brands selling non-discretionary items to consumers. We are excited to be partnering with Lidl on this mutually beneficial transaction, which provides a route for the grocer to recycle capital back into its core business, whilst our investors benefit from secure, highly visible and growing future rental cashflows."