ICG Real Estate Completes £200M Acquisition of Springbox UK Logistics Portfolio
ICG, the real estate division of global alternative asset manager ICG, has completed the acquisition of the Springbox platform, a five-asset UK logistics portfolio, from Johannesburg Stock Exchange-listed REIT Equites Property Fund Limited for £200 million. The acquisition was made on behalf of ICG Metropolitan II, the firm's second Metropolitan fund, which held its final close at €1.4 billion — materially surpassing its €1 billion target.
Portfolio Composition
The Springbox portfolio comprises five UK distribution assets situated in key logistics hubs: Coventry, Reading, Burgess Hill, Barnsley and Wakefield. The properties are let to a diversified roster of global occupiers including GXO Logistics, DHL International, Roche Diagnostics, Evri and Puma.
ICG Real Estate characterized the portfolio as offering high-quality, income-producing assets with long lease terms and embedded rental growth, with a significant proportion of income linked to inflation indices. The firm said the income structure supports visibility and long-term performance. The acquisition was funded through ICG Metropolitan II, which drew investor capital from a globally diverse group including sovereign wealth funds, pension funds, insurance companies and asset managers.
ICG Cites Structural Demand Drivers in UK Logistics Sector
ICG Real Estate said the acquisition reflects its continued conviction in the UK logistics sector, pointing to supply constraints, evolving occupier requirements and structural demand drivers as factors supporting rental growth and investment performance. The firm also cited the accelerating impact of artificial intelligence on logistics demand as a reinforcing factor.
Krysto Nikolic, Global Head of ICG Real Estate, commented on the transaction: "This transaction underscores our ability to originate and execute high calibre opportunities at compelling pricing within the UK logistics market. ICG Metro II operates from a distinctive and differentiated platform, and this acquisition further reinforces our position as one of Europe's largest owners of high-quality, long-duration, triple-net lease assets."
Nikolic added: "The Springbox portfolio consists of best-in-class logistics real estate assets, and we look forward to delivering value through active asset management and close collaboration with occupiers to drive sustained growth and performance."
ICG Metropolitan II: Fund Scale and Strategy
The Springbox acquisition follows the final close of ICG Metropolitan II at €1.4 billion, which exceeded its €1 billion fundraising target. ICG Real Estate described the fund's investor base as globally diverse, spanning sovereign wealth funds, pension funds, insurance companies and asset managers.
ICG Real Estate did not disclose individual asset-level metrics including square footage, weighted average unexpired lease term, net initial yield or occupancy rates for the Springbox portfolio.
ICG Real Estate's broader real estate franchise operates within ICG's $126 billion global alternatives platform as of 31 March 2026. The Springbox acquisition follows a separate transaction in which ICG Real Estate completed the sale of a prime urban logistics facility in Munich to Global Gate Capital for €22 million.
Sources
ICG Real Estate — ICG Real Estate acquires £200m "Springbox" UK logistics portfolio (June 5, 2026)