Slate Asset Management is acquiring a portfolio of six essential real estate properties in Germany for €100m.
The Toronto-headquartered fund manager, which specialises in “essential real estate and infrastructure” and first entered the European market in 2016, said it has agreed to acquire the properties across three individual transactions.
The assets are leased under long-term, index-linked agreements to some of Germany’s largest grocery and everyday goods distributors with which Slate said it has “strong existing relationships”.
Slate focuses a distinct focus on assets vital to daily life, including grocery stores, necessity-based retail centres and logistics infrastructure that supports the distribution of food and other non-discretionary goods.
This latest deal brings its total acquisitions in Europe to over €800m year-to-date.
Sven Vollenbruch, managing director at Slate Asset Management, said: “We are pleased to be further increasing our exposure to Germany’s essential real estate sector with this portfolio of high-quality, exceptionally-located properties, which we are acquiring at a basis that we believe will allow us to create meaningful value for our investors.
“We have been highly active in Europe this year and remain energised by the opportunities we are seeing to invest in European essential real estate across the entire risk spectrum. Our pipeline today is as full as it has been in several years, and we look forward to executing on a number of additional transactions before year-end.”
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