Toronto's Slate Asset Management Continues To Expand In Europe
Toronto’s Slate Asset Management Continues To Expand In Europe
Toronto-based Slate Asset Management is increasing its presence in Germany with a deal to buy 45 retail properties as it further shifts its investment focus to essential properties such as grocery stores.
Slate said the properties are near major populations and are fully leased under long-term agreements to some of Germany’s largest grocery and everyday goods distributors including REWE Group, Schwarz Group, Edeka Group, and Aldi. Slate did not provide details about the individual properties it’s acquiring but said the assets were held in four individual portfolios.
“In a muted transaction environment, our European team has successfully executed nearly half a billion euros of essential real estate transactions in the first three months of the year,” said Sven Vollenbruch, the Slate managing director who leads its European investments, in a statement. “These portfolios of high-quality, stabilized grocery properties are underpinned by Germany’s leading food and essential goods distributors.”
The Toronto-based global investor and asset manager has turned its focus on essential real estate and infrastructure assets as part of its growth plan. The company has $10 billion in assets under management in North America and Europe and 10 global offices.
“Slate has firmly established itself as a leading owner and operator of essential real estate in Germany, and we believe the strong pipeline of opportunities we have cultivated in this sector will drive our continued growth in Germany and across broader Europe,” said Vollenbruch.
Slate’s European essential real estate strategy is focused on acquiring, owning, and operating cash-yielding essential real estate assets, such as grocery and affiliated warehouses and logistics assets. The company operates a portfolio of over 500 essential real estate assets across Europe that Slate and its capital partners own.
Subject to standard closing conditions, the transactions are expected to close in the first quarter of this year.
Source CoStar. Click here for the full story.
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