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SLATE-ASSET-MANAGEMENT

28.10.2021 15:02:08 CEST | Business Wire | Press release

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Slate Asset Management Announces €427 Million Recapitalization of European Grocery-Anchored Portfolio

Slate Asset Management ("Slate") today announced that Slate European Real Estate Limited Partnership I, Slate European Real Estate Limited Partnership II and Slate European Real Estate Fund III have agreed to recapitalize a €427 million portfolio of European grocery-anchored real estate assets with a group led by New Zealand Superannuation Fund.

This transaction is part of a new, perpetual, income-focused strategy managed by Slate targeting stabilized essential real estate assets throughout Europe. Essential real estate is the critical infrastructure that facilitates the distribution of essential goods and services to end consumers. This strategy will focus on the acquisition of assets critical to the supply chain, such as grocery; healthcare assets, such as pharma or other healthcare services assets; and affiliated warehouses and logistics assets. Slate and New Zealand Superannuation Fund intend to incorporate ESG as a focus across all aspects of the strategy’s operations and management.

Slate has been active in the European real estate market since 2016 with a focus on acquiring, owning and operating essential grocery-anchored real estate assets. The firm’s new, income-driven, core-plus investment strategy focused on European essential real estate is an evolution of its value-add investment approach in the region to date. Through hands-on asset management, investing significantly into its assets and partnering closely with tenants, Slate has turned its properties into an institutional-quality portfolio with long lease terms let to some of the largest essential goods distributors globally, including Edeka Group, Rewe Group, Lidl and Aldi.

“Essential real estate is a high conviction investment theme for us given its defensive nature and ability to withstand periods of economic volatility, and we continue to grow our exposure to this unique asset class,” said Brady Welch, Founding Partner at Slate. “Despite a challenging global operating environment, our team has continued to execute on our business plans and create value for all of our stakeholders by realizing property modernizations, sustainability enhancements and operational improvements that contribute to more productive properties. We are grateful for the support of our valued investors, and we look forward to building on this successful recapitalization together.”

Slate worked with leading real estate appraisers and advisors to market the assets and determine fair value. The transaction is expected to close in the first quarter of 2022.

About Slate Asset Management

Slate Asset Management is a global alternative investment platform focused on real estate. We focus on fundamentals with the objective of creating long-term value for our investors and partners. Slate’s platform has a range of investment strategies, including opportunistic, value add, core plus and debt investments. We are supported by exceptional people and flexible capital, which enable us to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more.

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