Slate Asset Management is buying X+bricks Group’s grocery-anchored real estate portfolio in Germany for around €1bn.

The global real assets investor said it has agreed to acquire the portfolio of 188 properties in two tranches.

Slate currently has more than 220 daily needs-based retail properties in Germany. It said that, following the completion of the transaction, it will be one of the leading owners and operators in the space in the country.

Globally, Slate’s daily needs-based real estate portfolio comprises nearly $5bn (€4.6bn) in assets under management.

Brady Welch, co-founding partner of Slate Asset Management, said: “We are very pleased to be increasing our exposure to high-quality daily needs-based real estate in Germany, which we believe is a stable and defensive asset class with a positive growth outlook.

“Our ability to source and execute a transaction of this scale demonstrates the strength of Slate’s global team, the depth and breadth of our regional relationships, and our access to flexible capital through trusted partners who understand the value we bring to bear as investors and managers.”

Sven Vollenbruch, SVP at Slate Asset Management in Germany, said: “We are proud to be a leading partner for grocery and everyday goods distributors in Germany and plan to continue strategically investing across our portfolio to provide our tenants with high-quality spaces that meet the wants and needs of their customers.

“We look forward to further modernising these properties with new infrastructure that will enhance their sustainability and convenience, with the goal of making these assets even more efficient, healthy, and attractive to tenants and end users.”

As part of the deal, X+bricks founder and CEO, Sascha M Wilhelm, has decided to sell his shareholding in the company and to take on new challenges. Jorgen Verink, CFO of X+bricks Group, will take over the management role from Wilhelm.

To read the latest edition of the latest IPE Real Assets magazine click here.