Slate Asset Management Completes Approximately €425 Million of Senior Debt Refinancings for Its European Essential Real Estate Portfolio Year to Date
June 21 2024 - 4:00AM
Business Wire
Slate Asset Management (“Slate”), a global alternative
investment platform targeting real assets, today announced that it
has completed approximately €425 million of senior debt
refinancings for its European essential real estate portfolio since
January 2024. The refinancings were completed across 160 properties
in three countries via three individual transactions with
institutional lenders Erste Group Bank AG, DZ HYP, and Natixis
Pfandbriefbank AG.
Slate completed the refinancings at five- and seven-year terms
at compelling rates, which were also more favorable than initial
underwriting.
“Our ability to refinance almost €425 million of debt in the
current financing environment demonstrates that essential real
estate continues to be an attractive asset class for lenders,” said
Sven Vollenbruch, Managing Director overseeing Slate’s European
essential real estate portfolio. “These properties are secured by
long-term, CPI-linked net leases with AAA covenant essential
tenants that are critical to the supply chain, which translates to
stable and attractive income streams that have historically been
resilient and recession-proof. We are very proud of the portfolio
of high-quality essential real estate we have built in Europe and
grateful to our lenders for their continued trust and confidence in
our strategy.”
Slate has been an active investor in the European real estate
market and has transacted on around 1,000 commercial properties
since 2016. Today, Slate’s European real estate strategy is focused
on acquiring, owning, and operating cash yielding, essential real
estate assets, such as grocery; pharma or other healthcare services
assets; and affiliated warehouses and logistics assets. To date,
Slate has executed over 700 lease agreements across 6 countries in
Europe with some of the largest essential goods distributors in the
region and currently operates a portfolio of over 500 essential
real estate properties in Europe.
Mellum Capital, Goodwin Procter, and Schoenherr Attorneys
advised Slate on these transactions.
About Slate Asset Management
Slate Asset Management is a global alternative investment
platform. We focus on fundamentals with the objective of creating
long-term value for our investors and partners. Slate’s platform
focuses on four areas of real assets, including real estate equity,
real estate credit, real estate securities, and infrastructure. We
are supported by exceptional people and flexible capital, which
enable us to originate and execute on a wide range of compelling
investment opportunities. Visit slateam.com to learn more, and
follow Slate Asset Management on LinkedIn, X (Twitter), and
Instagram.
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Slate Asset Management Karolina Kmiecik Karolina@slateam.com