Slate, OneIM Acquire Eight Grocery-Anchored Centers in Greater Oslo

Slate Asset Management and One Investment Management have agreed to acquire a portfolio of eight grocery-anchored retail parks in Norway from Tellus Eiendom AS for approximately €250 million (US$279 million). The portfolio is located in the Greater Oslo region and is anchored by Norway’s leading grocery operators and discount retailers.

“We are pleased to be expanding our European Essential real estate platform with this significant acquisition,” said Brady Welch, co-founding partner of Toronto-based Slate Asset Management. “These eight retail parks sit in dominant locations along major transport corridors around Oslo. The portfolio is anchored by Norway’s strongest grocery operators and benefits from CPI-linked lease structures, designed to provide durable, inflation-protected cash flows. We look forward to applying our active management to unlock the portfolio’s full potential through value-add enhancements.”

The portfolio is dominated by essential tenants serving non-discretionary, everyday needs, including Coop, NorgesGruppen and Reitan Retail, three of Norway’s largest and most established grocery operators. The acquisition builds on Slate and OneIM’s existing partnership and follows their investments in a portfolio of five grocery-anchored retail properties in Greater Copenhagen, as well as a portfolio of four essential real estate properties in Germany.

Slate Asset Management has been advised by Schjødt, ABG Sundal Collier, Crowe and Veridian.