London: ICG completes £125 million purchase of London DC portfolio

Oct 23, 2023 | Posted by Abdul-Rahman Oladimeji

Asset management firm Intermediate Capital Group recently completed a £125 million purchase of offices and data center portfolio in London leased to UK telco Vodafone. The 260,000 square feet portfolio comprises five data centers which was initially acquired from British Land who announced the sale in September without identifying the buyer. 

Chris Nichols, ICG head of strategic real estate, said “Working in partnership with Vodafone, we engineered a solution which secured its long term infrastructure, whilst generating an immediate value uplift for our investors. This is a clear demonstration of our ability to provide both certainty of execution and a solution for corporate occupiers. We look forward to working with Vodafone to manage and enhance the existing portfolio, whilst seeking to unlock additional mutually beneficial opportunities.”

Colliers was the acting buyside advisor to ICG Real Estate on the transaction, as well as for Vodafone in its lease agreement for continued long-term use of the assets as both companies have renegotiated the agreements and extended the lease period to 2048. 

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