Slate Asset Management and One Investment Management (OneIM) are acquiring five grocery-anchored retail properties and two adjacent residential properties in Denmark from Nrep and StepStone Real Estate for an unspecified sum.
The acquisition of the portfolio, in Greater Copenhagen, is the first transaction for a new joint venture between Slate and OneIM focused on European essential retail.
The deal is also Slate’s first investment in Denmark. Since its 2016 entry into the European market, Slate has invested in over 1,000 commercial properties across eight countries.
Sven Vollenbruch, managing director at Slate Asset Management, said: “We are pleased to be scaling our presence in the Nordics with this strategic acquisition in Denmark. We have great conviction in the tailwinds driving growth in the Danish market, which has consistently outperformed the broader euro-zone across a number of key macroeconomic indicators.
“This portfolio presents an attractive entry point for us in this market given it is anchored by leading essential goods tenants – many of whom we already have well-established relationships with – and presents meaningful opportunities to unlock additional value through active, hands-on asset management.”
Thomas Riise-Jakobsen, partner and country manager for Denmark at Nrep, the real estate arm of Nordic developer and investor Urban Partners, said: “We are proud of the work we have done to enhance the portfolio – renovating, repositioning and elevating the centres and their surrounding communities – while delivering strong returns to our investors.
“With Slate Asset Management taking over, I have no doubt they will capitalise on the progress to date to elevate the properties further.”
Josh Cleveland, partner and head of EMEA at StepStone Real Estate, said: “Nrep has been an important partner of ours in the Nordics and the opportunity to form a continuation vehicle with them to invest in these strong necessity-based retail and residential assets was an attractive investment opportunity for us.”
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