ntermediate Capital Group (ICG), the global alternative asset manager, announces it has acquired Newground Capital Partners (Newground) an Australian real estate debt investor.
Newground is an arranger, investor, and manager of real estate financing solutions in the Australian mid-market, investing across the capital structure, with offices in Brisbane, Sydney, and Melbourne. The team of seven led by Daniel Erez has closed 30+ transactions, deployed more than A$200m of capital and currently manages investments on behalf of over 100 clients, largely Australian-based.
Trading as ICG-Newground, the business will leverage the strength of ICG’s balance sheet and its institutional LP base to underwrite loans of $30m – $200m offering more flexible terms and gearing to owners of value-add, stabilised and construction assets. The business will launch an institutionally focused fund in Q3 of this year to capitalise on the growing interest in real estate debt amongst Australian investors.
Commenting on the transaction, Martin Wheeler, Co-Head of ICG’s real estate business, said “We are excited about the acquisition of Newground, which is a further positive step in the growth of ICG’s real estate strategy and footprint in Australia. We are looking forward to working with such an entrepreneurial management team to realise the attractive opportunities in the Australian real estate market.”
Martin added “Dan and the Newground team share our investment philosophy and the deal builds upon our track record of hiring and retaining the best talent and helping them develop and grow a leading franchise.”
Daniel Erez who joins as Head of Real Estate Australia and New Zealand said, “The Newground team is delighted to be joining ICG. We are looking forward to combining our deep experience of investing in Australian real estate, and benefitting from ICG’s breadth of, experience, rigorous investment culture and its institutional investment management infrastructure”.
Greg Fendler, Managing Director and Head of Institutional Clients, Australia and New Zealand said, “The acquisition of Newground is a natural extension of ICG’s differentiated real estate platform and enhances our offering to local clients and potential investors. It’s been a pleasure to work with Dan and Martin on this transaction and I look forward to building a successful real estate business in Australia and New Zealand together.”
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For further details please contact:
Olivia Montgomery
Corporate Communications
Tel: +44 (0)203 545 1543
Mobile: +44 (0)7812 045188
Email: olivia.montgomery@icgam.com
About ICG
ICG provides capital to help companies grow. We are a global alternative asset manager with over 30 years’ history, managing €47.2bn of assets in private debt, credit, and equity, principally in closed-end funds.
We develop long-term relationships with our business partners to deliver value for shareholders, clients, and employees, and use our position of influence to benefit the environment and society. We operate across four strategic asset classes: corporate, capital market, real asset, and secondary investments. In addition to growing existing strategies, we innovate and pioneer new strategies where the market opportunity exists.
ICG’s real estate division has over €4.9bn of private debt and private equity assets under management in its core strategies of Senior Debt, Partnership Capital (providing whole loans, mezzanine, and preferred equity), Residential Development Finance and Sale and Leaseback.
ICG is listed on the London Stock Exchange (ticker symbol: ICP).
Further details are available at: www.icgam.com. You can follow ICG on LinkedIn.
