Coop: Italian Retail Giant's Portfolio Acquired in €222m Sale-and-Leaseback Deal
Deal News | Jan 15, 2025 | Intermediate Capital Group (ICG)
Intermediate Capital Group’s real estate division, ICG Real Estate, in partnership with GRR GARBE Retail and a German institutional investor, has completed the acquisition of 22 retail assets from Coop Alleanza 3.0 in a €222 million sale-and-leaseback transaction. The portfolio, comprising 15 supermarkets and seven hypermarkets, is located in the affluent Emilia Romagna region of northern Italy. The assets have been leased back to Coop on a 30-year term, offering predictable and long-term cash flows. This transaction signals ICG’s strategy to invest in operationally critical real estate, aligning with its focus on long-term, high-yielding investments. As a leader in the Italian grocery market, Coop’s involvement ensures demand for these locations remains high, while ICG and its partners benefit from secure returns. Thomas Kallenbrunnen of GRR GARBE emphasized the acquisition's significance for future European market growth.
Sectors
- Real Estate
- Retail
- Private Equity
Geography
- Italy – The acquired retail properties and Coop’s operations are located in Italy, specifically in the Emilia Romagna region.
- Germany – GRR GARBE Retail, the local operating partner in the transaction, is based in Germany.
- United Kingdom – ICG is a UK-based company, listed on the London Stock Exchange.
Industry
- Real Estate – The transaction involves the acquisition and leasing of retail properties, categorized under real estate operations.
- Retail – Coop Alleanza 3.0 is a major player in the retail industry, particularly supermarkets and hypermarkets in Italy.
- Private Equity – The involvement of ICG, a large global alternative asset manager, is representative of the private equity sector.
Financials
- €222 million – The purchase price for the portfolio of 22 retail properties acquired from Coop.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| ICG Real Estate | Buyer | Company | The real estate arm of Intermediate Capital Group, involved in acquiring and managing the retail portfolio. |
| Coop Alleanza 3.0 | Selling Company | Company | An Italian cooperative retail chain, providing 22 supermarkets and hypermarkets in the transaction. |
| GRR GARBE Retail | Local Operating Partner | Company | German retail real estate specialist, partnering with ICG on the acquisition. |
| German Institutional Investor | Investor | Company | Unnamed institutional investor from Germany collaborating in the acquisition. |