Slate Asset Management (“Slate”), a global alternative investment platform focused on real estate, announced the acquisition of a portfolio of 25 essential real estate assets in Norway for approximately NOK 1 billion. The acquisition – Slate’s first in the Nordics – further scales the firm’s European platform and significantly increases Slate’s exposure to high-quality essential real estate assets in broader Europe. The portfolio comprises approximately 50,000 square meters geographically dispersed across Norway, with the majority concentrated in and around Norway’s five largest cities. The entirety of the portfolio’s income is generated by essential goods and service providers, including 24 grocery stores let to class-A tenants and one government-tenanted medical facility. The portfolio’s three major operators are leading Norwegian grocery groups Coop Norge, Reitan Group and NorgesGruppen, which hold around 96% of the total grocery market share in Norway.
The acquisition is a continuation of Slate’s strategy focused on stabilized grocery and essential real estate assets throughout Europe, which facilitate the distribution of essential goods and services to end consumers. These assets have proven to be defensive in nature, with income streams that can withstand periods of economic instability. Slate Asset Management is a global alternative investment platform focused on real estate. We focus on fundamentals with the objective of creating long-term value for our investors and partners. Slate’s platform spans a range of investment strategies, including opportunistic, value add, core plus and debt investments. We are supported by exceptional people and flexible capital, which enable us to originate and execute on a wide range of compelling investment opportunities.