Slate Asset Management buys €103m essential real estate portfolio acquisition in Norway

Slate Asset Management has purchased a portfolio of 25 essential real estate assets in Norway for approximately NOK 1 billion ($103 million).

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 (538,196 square feet) 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 percent of the total grocery market share in Norway.

“We are actively increasing our ex