L
ONDON, October 15, 2024--(BUSINESS WIRE)--Slate Asset Management has expanded its European essential real estate strategy into Portugal with the acquisition of a €150 million portfolio of 12 grocery properties from LCN Capital Partners. This marks Slate's first investment in Portugal and increases its exposure to high-quality essential real estate assets in Europe.

    The portfolio comprises 12 grocery stores, entirely let to Continente, Portugal's largest grocery retailer, under long-term lease agreements providing stable income streams. The properties are high-quality, strong-performing stores located in large urban areas across Portugal, with convenient transportation links and electric vehicle charging facilities.

    "This acquisition marks an exciting new chapter for our European platform," said Brady Welch, Co-founding Partner of Slate. "We have a deep understanding of the grocery landscape and look forward to bringing our expertise to Portugal."

    Sven Vollenbruch, Managing Director at Slate, added: "Portugal's well-developed grocery market has been a key area of interest for our team in Europe. We recognized this portfolio as an ideal fit for our European essential real estate strategy."

    LCN Capital Partners sold the portfolio after almost a decade of ownership, part of its fund wind-down period. Edward V. LaPuma, Co-Founder and Managing Partner at LCN, said: "The disposition of this portfolio is part of our fund's wind down period. We will continue to actively source new investment opportunities in Portugal and Europe."

    Slate's European essential real estate strategy focuses on acquiring, owning, and operating cash-yielding assets such as grocery stores, pharmacies, and affiliated warehouses and logistics assets. The Firm has been an active investor in the European real estate market since 2016.

    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 focused on creating long-term value for investors and partners through real assets such as real estate equity, credit, securities, and infrastructure.

    About LCN Capital Partners

    LCN Capital Partners is a recognized leader in the Sale-Leaseback and Build-to-Suit markets, delivering long-term solutions for its tenant-clients and providing non-bank capital resources.