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Slate Agrees to Buy $1.48 Billion German Retail Portfolio

Canadian investor Slate Asset Management has agreed to purchase a $1.48 billion German grocery-anchored retail portfolio.

Toronto-based Slate will acquire 188 assets in two investment tranches from German grocery-anchored property investor X+Bricks Group, the companies announced in a news release Wednesday.

Slate expressed plans to upgrade the properties.

“We look forward to further modernizing these properties with new infrastructure that will enhance their sustainability and convenience, with the goal of making these assets even more efficient, healthy, and attractive to tenants and end users,” said Sven Vollenbruch, a Slate senior vice-president based in Germany.

As a result of the ownership change, X+Bricks Founder and CEO Sascha Wilhelm will leave the company and sell his stake in it. Jorgen Verink, currently the firm’s CFO, will assume the lead management role.

According to the news release, Slate currently owns about 220 properties in Germany underpinned by grocery and every-day goods distributors.


Inside The Story

Slate Asset ManagementMonte Stewart

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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