Macquarie sets up education ground rent portfolio

Macquarie Asset Management, on behalf of an institutional client, has partnered with ICP Education to establish a £20m portfolio of commercial ground leases. ICP Education operates nursery schools, providing day care for almost 7,000 children across 51 locations in England and Wales. To support its continued growth, Macquarie Asset Management has helped ICP Education put in place new commercial ground leases for a portfolio of assets across England. Hugo James, managing director at Macquarie Asset Management, said: “Nurseries are an essential service to communities, providing quality care to children while allowing parents to remain in work. In addition, the sector has proved resilient to economic headwinds, offering a stable investment opportunity for us to develop on behalf of our institutional clients. “We are delighted to have been able to create this bespoke ground lease structure for ICP Education, offering a long-term financing solution that enables their growth plans.” Stephen Booty, executive chair at ICP Education, added: “As demand for services from our sector continues to grow, this agreement with Macquarie Asset Management comes at an important time. This agreement raises capital from our existing facilities so we can continue to grow and develop our award-winning services. At the same time, we have the confidence that we can continue to use the facilities to provide high-quality care to children for many years to come.”   To send feedback, e-mail samantha.mcclary@eg.co.uk or tweet @samanthamcclary or @EGPropertyNews