ICG Real Estate raises at €1.4b for Opportunistic Real Estate fund

ICG Real Estate (ICGRE), the real estate arm of alternative asset manager ICG, has closed its second Opportunistic Real Estate fund, ICG Metropolitan Fund II, at €1.4 bn.

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This significantly exceeded its €1 bn target due to high demand from a diverse international investor base, including sovereign wealth funds, pension funds, insurance companies, and asset managers.

This brings the total raised for the Metropolitan fund series to €2.2 bn since its launch in 2022. The fund invests in a diversified portfolio of approximately 100 institutional-grade assets in the European industrial and logistics sector, which are secured on long-term, inflation-linked leases. ICGRE acquires these assets opportunistically, often off-market through proprietary sale-and-leaseback deals with corporations.

Krysto Nikolic, global head of ICG Real Estate, commented: “We are delighted to be holding the final close for ICG Metro II at €1.4 bn following strong demand from our global investor base, as well as a number of new clients to the firm. The success of this fundraise reinforces our position as a market leader in European Industrial and Logistics investing and the creation of high-quality triple-net lease portfolios.”

Benoît Durteste, CIO and CEO of ICG, added: “We are grateful for the support shown by Metropolitan’s new and existing investors. Their confidence underpins our belief that ICG’s real estate division is an exciting long-term growth driver for the firm.”