Global alternative investment platform Slate Asset Management announced on Monday that it has completed roughly €425 mln of senior debt refinancings for its European essential real estate portfolio since January 2024.
The refinancings were completed across 160 properties in three countries via three individual transactions with institutional lenders Erste Group Bank AG, DZ HYP, and Natixis Pfandbriefbank AG.
Slate said it completed the refinancings at five- and seven-year terms at compelling rates, which were also more favorable than initial underwriting.
'Our ability to refinance almost €425 mln of debt in the current financing environment demonstrates that essential real estate continues to be an attractive asset class for lenders,' said Sven Vollenbruch, managing director overseeing Slate’s European essential real estate portfolio. 'These properties are secured by long-term, CPI-linked net leases with AAA covenant essential tenants that are critical to the supply chain, which translates to stable and attractive income streams that have historically been resilient and recession-proof.'
Slate has been an active investor in the European real estate market and has transacted on around 1,000 commercial properties since 2016. Today, Slate’s European real estate strategy is focused on acquiring, owning, and operating cash yielding, essential real estate assets, such as grocery; pharma or other healthcare services assets; and affiliated warehouses and logistics assets.
Mellum Capital, Goodwin Procter, and Schoenherr Attorneys advised Slate on these transactions.
