Slate Asset Management buys €1b grocery-anchored real estate portfolio of x+bricks Group
Slate Asset Management has entered into an agreement to acquire the grocery-anchored retail property portfolio of x+bricks Group.
The transaction will be executed in two tranches, subject to certain closing conditions and regulatory approvals. Both tranches of the transaction are collectively valued at more than €1 billion ($1.1 billion) and comprise 188 properties. The parties have decided not to disclose further details.
“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,” said Brady Welch, co-founding partner of Slate Asset Management.
To date, Slate has transacted on more than 650 daily needs–based retail properties in Germany. Slate has a substantial footprint in the German market, with more than 220 properties, underpinned by Germany’s largest grocery and everyday goods distributors. Upon completion of