A joint venture between Ares Real Estate funds and Slate Asset Management has agreed to acquire a portfolio of 36 properties in Poland from Trei Real Estate, an internationally active developer and asset manager. The portfolio is valued at more than €300 million (approximately US$349.2 million).

The portfolio includes 36 recently developed and fully occupied convenience-led retail parks located across major Polish metropolitan areas near large catchment populations. Most of the income is derived from large regional retailers and essential goods providers, including grocers and pharmacies.

“This transaction underlines our conviction in Polish real estate and the broader European retail sector, both of which are areas in which Ares has been investing for over two decades,” said Kevin Cahill, partner and head of European diversified investments in the Ares Real Estate Group. “We believe the portfolio presents significant opportunities for additional value creation and we look forward to working closely with Slate to unlock its full potential.”

The acquisition marks Slate’s first investment in Poland and further increases its exposure to essential real estate in Europe. The Toronto-based firm announced the acquisition of a German portfolio of essential real estate for more than €100 million (approximately US$116.4 million) earlier this month.

The transaction is expected to close by Dec. 31. Rymarz Zdort Maruta, CBRE, PwC and Gleeds advised Ares and Slate.