Slate Asset Management, a global alternative investment platform focused on real assets, has announced the completion of approximately €425 million in senior debt refinancings for its European essential real estate portfolio since January 2024. These refinancings, covering 160 properties across three countries, were conducted through individual transactions with institutional lenders Erste Group Bank AG, DZ HYP, and Natixis Pfandbriefbank AG.
The refinancing agreements were secured at five- and seven-year terms with rates more favorable than initially underwritten. This underscores the attractiveness of essential real estate as a viable asset class for lenders in the current financial climate.
Sven Vollenbruch, Managing Director responsible for Slate’s European essential real estate portfolio, remarked, “Successfully refinancing nearly €425 million in today’s financing environment highlights the continued appeal of essential real estate to lenders. These assets are backed by long-term, CPI-linked net leases with AAA covenant essential tenants crucial to the supply chain. This results in stable and attractive income streams that have historically demonstrated resilience and recession-proof qualities. We take pride in our high-quality essential real estate portfolio in Europe and appreciate our lenders’ ongoing trust and confidence in our strategy.”
Since 2016, Slate has actively invested in the European real estate market, dealing with around 1,000 commercial properties. Their current European strategy focuses on acquiring, owning, and operating cash-yielding, essential real estate assets such as grocery stores, pharmaceutical or healthcare service facilities, and associated warehouses and logistics properties. To date, Slate has executed over 700 lease agreements across six countries in Europe with major essential goods distributors and currently manages a portfolio of over 500 essential real estate properties.
Mellum Capital, Goodwin Procter, and Schoenherr Attorneys provided advisory services for these transactions.
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By Ravi Kumar
