Asset management firm Intermediate Capital Group has acquired a portfolio of offices and data centers in London leased to UK telco Vodafone.

The company this week announced ICG Real Estate’s Strategic Real Estate team completed the £125 million ($152.2m) purchase of a portfolio of freehold digital infrastructure assets in Central London, which are let to Vodafone UK.

The 260,000 sq ft (24,155 sqm) portfolio comprises five data exchanges, predominantly located within Zone One in central London. The portfolio was acquired from British Land, which announced the sale last month without naming the buyer.

Upon completion of the acquisition, ICG SRE and Vodafone have renegotiated the existing leases, extending them to 2048.

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.”

He continued: “We look forward to working with Vodafone to manage and enhance the existing portfolio, whilst seeking to unlock additional mutually beneficial opportunities.”

Colliers acted as buyside advisor to ICG Real Estate on the transaction, as well as for Vodafone in its lease regear for continued long-term use of the assets.

Reports first surfaced that Savills was seeking buyers for a portfolio of Vodafone-occupied office and data center buildings across London – known as the Network Portfolio – in July. Later reports suggest US real estate firm Realty Income was in negotiations to acquire the facilities.

The Network properties were let to Vodafone Enterprise UK on leases expiring in April 2032, generating a total passing rent of £6.1 million ($7.7m) per annum.

The properties include several data centers across London, many at sites previously occupied by Cable & Wireless, as well as the recently-renovated Smale House office building.

EGI said the sites were being marketed with scope for medium to long-term redevelopment potential for uses including student and residential, as well as more offices and data centers.

ICG previously acquired a number of unspecified Iron Mountain sites in the UK in a sale-leaseback deal.