Slate Asset Management Expands European Essential Real Estate Platform With Grocery Portfolio Acquisition in Portugal
October 15 2024 - 3:05AM
Business Wire
Slate Asset Management (“Slate” or the “Firm”), a global
alternative investment platform targeting real assets, today
announced that it has expanded its European essential real estate
strategy into a new market with the acquisition of a portfolio of
12 grocery properties in Portugal (the “Portfolio”) valued at
approximately €150 million from seller LCN Capital Partners
(“LCN”). This acquisition marks Slate’s first investment in
Portugal and further increases the Firm’s exposure to high-quality
essential real estate assets in Europe.
The Portfolio is comprised of 12 grocery real estate properties,
which are entirely let to Continente, Portugal’s largest grocery
retailer, under long-term lease agreements supporting stable and
attractive income streams. The properties are high-quality, strong
performing stores that are well-located in large urban areas and
geographically diversified across Portugal, largely concentrated in
the Metropolitan Area of Lisbon, Porto, and Faro. All stores offer
convenient transportation links and a range of electric vehicle
charging facilities.
“This acquisition marks an exciting new chapter of growth for
our European platform, as we expand into a new market with a
portfolio underpinned by a leading regional grocer,” said Brady
Welch, Co-founding Partner of Slate. “We have spent over a decade
acquiring, owning, and operating grocery real estate in markets
across Europe, with a strong team that expertly understands the
grocery landscape and works collaboratively with tenants to
maximize the value of our real estate. We look forward to bringing
our expertise to Portugal and unlocking new growth opportunities in
this market on behalf of our investors.”
Sven Vollenbruch, Managing Director at Slate, added: “Portugal’s
well-developed grocery market anchored by strong tenants and
high-quality covenants has been a key area of interest for our team
in Europe. After years of underwriting, we recognized this
Portfolio to be an ideal fit for our European essential real estate
strategy and a strong foothold from which Slate can continue to
grow in Iberia.”
“This portfolio represented our first acquisition in the
Portuguese market, making LCN one of the first international
investors to execute a large-scale Sale-Leaseback transaction in
Portugal and the Iberian Peninsula,” said Edward V. LaPuma,
Co-Founder and Managing Partner at LCN. “LCN has formed a fruitful
partnership with SonaeMC, the owner of Continente, a reliable and
trustworthy partner. The value add has led LCN and SonaeMC to work
together on multiple transactions and strengthened Sonae's position
in the grocery market in Portugal.”
Carlos Viera Neto, Vice President at LCN, added: “The
disposition of this portfolio, after almost a decade of ownership,
is part of the fund’s wind down period. We will continue to
actively source new investment opportunities in Portugal and Europe
to further expand our footprint across different industries and
sectors of the real estate market through our Sale-Leaseback and
Built-to-Suit strategies.”
Slate’s European essential 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. The Firm
has been an active investor in the European real estate market
since 2016. To date, Slate has transacted on approximately 1,000
commercial properties across 7 countries in the region. Today,
Slate operates a portfolio of approximately 500 essential real
estate assets across Europe that are owned by Slate and its capital
partners.
Uría Menéndez, Engexpor, RPE, and KPMG advised Slate on this
transaction. Cuatrecasas advised LCN on this transaction.
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.
About LCN Capital Partners
Founded in 2011 by Edward V. LaPuma and Bryan York Colwell, LCN
now manages over $7 billion in assets across several funds
denominated in US Dollars, Euros, and Pound Sterling. Headquartered
in New York City, LCN also has offices in Amsterdam, Cologne,
London, Luxembourg, and Palm Beach.
LCN Capital Partners is a recognized leader in the
Sale-Leaseback and Build-to-Suit markets. LCN looks to deliver a
long-term solution for its tenant-clients by providing a non-bank
capital resource, efficient monetization of on-balance sheet real
estate, continued operational control of key assets, enhanced
financial metrics, and potential tax benefits. In addition, LCN's
investing partners benefit from the long-term and
inflation-mitigated distributions. For more information, please
visit: www.lcnpartners.com.
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Slate Asset Management
Media Inquiries: Karolina Kmiecik Phone: +1 224 848 0662
Email: karolina@slateam.com
Investor Relations: Phone: +1 416 644 4264 Email:
ir@slateam.com
LCN Capital Partners
Media Inquiries: Jackson Fleming Phone: +1 917 409 3879
Email: jfleming@lcnpartners.com
Investor Relations: Email: IR@lcnpartners.com