Slate Asset Management has struck a deal to acquire x+bricks Group in a transaction that comprises a 188-property portfolio in Europe valued at over €1 billion ($1.1 billion).
The transaction will be executed in two tranches, but the parties involved declined to disclose further details.
“We are very pleased to be increasing our exposure to high-quality daily needs-based real estate in Germany, which we believe is a stable and defensive asset class with a positive growth outlook,” said Brady Welch, co-founding partner of Slate Asset Management, which has $5 billion in assets under management. “Our ability to source and execute a transaction of this scale demonstrates the strength of Slate’s global team, the dept and breadth of our regional relationships, and our access to flexible capital through trusted partners who understand the value we bring to bear as investors and managers.”
Once the deal passes regulatory hurdles and is complete, Slate will be one of the leading owners and operators of retail real estate in Germany. Currently, Slate has more than 220 properties in Germany with its focus on daily needs that includes properties of grocery and everyday good distributors.
Slate plans to continue to strategically invest across our portfolio to provide tenants with high-quality spaces that meet the wants and needs of retail customers.
“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, senior vice president at Slate Asset Management in Germany.
Slate has been an active investor in the European real estate market since 2016. Slate’s European real estate strategy is focused on acquiring, owning, and operating cash yielding, daily needs-based real estate assets, such as grocery; pharma or other healthcare services assets; and affiliated warehouses and logistics assets.
Founder and CEO of x+bricks Group Sascha Wilhelm decided to sell his shareholding in the company and to take on new challenges. Jorgen Verink, CFO of the company, will take over for Wilhelm.
To assist in the onboarding of the portfolio, x+bricks will temporarily provide transitional services for Slate.
Custodia Trust Beteiligungsgesellschaft, owned by Berlin-based entrepreneur and investor Harald Christ, will continue to hold an unchanged stake in x+bricks Group until the portfolio is fully transferred to Slate.
Goodwin Procter, Mellum Capital, Gleiss Lutz, KPMG, PwC, Gleeds, and R3define advised Slate on this transaction. Evercore, White & Case, EY and Fieldfisher advised x+bricks.
