Slate Asset Management has bought 36 essential real estate assets in Norway for over NOK 1.5 billion ($170 million).
The portfolio’s two main tenants are grocers Reitan Group and Coop Norge, which collectively anchor all of the 36 properties. These class-A operators are two of the largest consumer goods distributors globally, together holding over 50 percent of grocery market share in Norway.
The majority of the assets being acquired by Slate are concentrated in and around Norway’s two most densely populated cities, Oslo and Bergen. With more than 96 percent of the portfolio’s income generated by essential goods and service providers, the portfolio is well-positioned to provide long-term secured cash flows, as well as protection against inflation with CPI linked leases.
“Essential real estate is one of our highest conviction investment themes, and we continue to accelerate our exposure to this asset class and scale our platform in Europe,” said Brady W
