This is Slate's first investment in Portugal and covers spaces leased to Continente, part of the Sonae Group.
Canadian investment management firm Slate Asset Management has acquired a portfolio of 12 supermarkets in Portugal worth approximately €150 million from… Private equity North America LCN Capital Partners, which has the largest supermarket portfolio in the country.
This is Slate's first investment in Portugal and includes only spaces leased to Continente. However, for Sonae Group's retail stores, there have been only minor changes beyond which company pays rent to them. In other words, the continent is just a tenant.
In the opinion of international investors, these stores are considered “high quality and strong performance”, and are located in urban areas of the metropolitan area of Lisbon, Porto and Faro. Moreover, it includes charging stations for electric cars.
“We have expanded into a new market with a portfolio backed by a leading regional grocery company. We have spent over a decade acquiring, owning and operating grocery properties in markets across Europe, with a strong team that expertly understands the convenience store landscape,” commented Brady Welsh, co-founder. “Grand works collaboratively with tenants to maximize the value of our properties,” Slate partner, said in a statement issued Tuesday.
Slate manages about 500 real estate assets in Europe. According to the company's general manager, the supermarket industry is well developed in Portugal and has therefore sparked interest in investment. “We recognize that this portfolio is ideal for our real estate strategy in Europe and a solid base from which Slate can continue to grow in the Iberian Peninsula,” said Sven Vollenbruch.
The LCN Vice President explained that the sale of this portfolio, after nearly a decade, is part of the fund's liquidation period. “We will continue to actively search for new investment opportunities in Portugal and Europe to further expand our presence in various industries and sectors of the real estate market through our strategies.” Sale and leaseback and Built to fitsaid Carlos Vieira Neto.
The transaction was advised by Urrea Menéndez, Cuatrecasas, Engexpor, RBE and advisory firm KPMG.
“Wannabe internet buff. Future teen idol. Hardcore zombie guru. Gamer. Avid creator. Entrepreneur. Bacon ninja.”