“We are pleased to be expanding our European Essential real estate platform with this significant acquisition,” said Brady Welch, Co-Founding Partner of 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.”

“We have built and developed this portfolio over many years and are pleased to entrust it to Slate Asset Management. The buyers are well positioned to manage and further develop the properties, and we thank them for their constructive cooperation throughout the sale process,” said Per Øivind Dahl, CEO Tellus Eiendom AS.

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. Tenant sales have grown consistently across the portfolio, demonstrating the historical resilience of necessity-driven demand through a range of macroeconomic conditions, including periods of elevated inflation and rising interest rates.

This 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.

This acquisition, which is subject to customary closing conditions, further scales Slate’s growing Nordic platform and adds to its pan-European essential value add real estate strategy. Slate has been an active investor in European real estate since 2016, transacting on more than 1,000 commercial properties across nine countries.

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