Slate Asset Management has agreed to acquire a 188-unit retail portfolio from x+bricks Group in a deal worth over €1 billion.
The deal for the grocery-anchored retail property portfolio will be made in two tranches and is subject to closing conditions and regulatory approvals.
Toronto, Canada-based Slate Asset Management is a global alternative investment platform targeting real estate assets. The agreement makes it one of the leading owners and operators of daily needs-based retail properties in Germany with more than 220 properties.
Brady Welch, Co-Founding Partner of Slate Asset Management, says, “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.”
Leading partner for grocery and everyday goods distributors in Germany
Sven Vollenbruch, Senior Vice President at Slate Asset Management in Germany, adds, “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 modernizing 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.”
Sascha M. Wilhelm, Founder and CEO of x+bricks Group, says, “Fueled by the fascination to drive and grow new ideas, we have developed x+bricks into a leading platform for grocery-anchored retail properties in Germany over the past five years. This success has been driven by a great team of partners and employees, whom I would like to thank today. Following last year’s transactions, we succeeded in profitably selling the entire x+bricks portfolio to a strategic and proven investor in this asset class with outstanding capabilities to further develop the assets. At this point, I have decided to focus on new growth opportunities in a time window where the real estate market offers many attractive prospects.”
Slate Asset Management has been an active investor in the European real estate market since 2016. Today, Slate’s European real estate strategy is focused on acquiring, owning, and operating cash yielding, daily needs-based real estate assets, such as grocery; pharma or other healthcare services assets; and affiliated warehouses and logistics assets. Globally, Slate’s daily needs-based real estate portfolio comprises nearly US$5 billion in assets under management.
Goodwin Procter, Mellum Capital, Gleiss Lutz, KPMG, PwC, Gleeds, and R3define advised Slate on this transaction. Evercore, White & Case, EY, and Fieldfisher advised x+bricks.
