Slate Asset buys real estate portfolio for €90m

Slate Asset Management has purchased a portfolio of essential real estate assets located across Austria and Slovakia for about €90 million ($101 million).

The acquisition expands Slate’s European platform into two new, centrally located and fast-growing markets and further increases the firm’s exposure to high-quality essential real estate assets.

The portfolio comprises about 66,000 square meters (710,418 square feet) across nine single-tenant assets, all of which are on long-term leases to OBI, one of Europe’s largest DIY operators and a market leader in Austria and Germany. Six of the OBI stores are dispersed across Austria, including OBI’s Austrian headquarters in Vienna, which is within walking distance of public transit and several large residential developments. The three Slovakian assets are long-leased, high-quality properties in larger Slovakian cities.

The acquisition builds on Slate’s successful track record within the essential real esta