Slate Asset Management has expanded its footprint in Norway with the acquisition of a portfolio of 36 grocery-anchored real estate assets in Norway for over NOK1.5bn (€148m).

 The portfolio’s two main tenants are grocers Reitan Group and Coop Norge.

The majority of the assets being acquired by Slate are concentrated in and around Norway’s two most densely populated cities, Oslo and Bergen.

The latest acquisition lifts Slate’s essential real estate assets in Norway to 63.

Slate’s European essential real estate strategy is focused on high-quality, income-producing assets critical to the supply chain with high credit quality tenants, such as grocery and other essential consumer goods providers, healthcare assets, and affiliated warehouses and logistics centres.

Slate said it has completed over €1.7bn in transactions across Europe to date.

Brady Welch, a founding partner at Slate Asset Management, said: “Essential real estate is one of our highest conviction investment themes, and we continue to accelerate our exposure to this asset class and scale our platform in Europe.

“This transaction significantly grows our footprint in one of Europe’s strongest and most stable economies with a portfolio of properties that are modern, high-quality and underpinned by best-in-class tenant covenants.

“Our hands-on approach to asset management will enable us to identify and unlock the full potential of these assets to provide our investors with attractive long-term returns.”