Slate Asset Management, a global alternative investment platform focusing on real assets, has announced its entry into the Portuguese market with the acquisition of a portfolio of 12 grocery properties valued at approximately €150 million. This marks Slate’s inaugural investment in Portugal and represents a significant expansion of its European essential real estate strategy.
The acquired portfolio consists of high-quality grocery properties, all leased long-term to Continente, Portugal’s largest grocery retailer. These properties are strategically located in major urban areas across the country, particularly concentrated in the Metropolitan Areas of Lisbon, Porto, and Faro. Each location is designed to offer convenient access to consumers, complete with electric vehicle charging facilities to meet the growing demand for sustainable transport options.
Brady Welch, Co-founding Partner of Slate, expressed enthusiasm about the acquisition, stating, “This acquisition marks an exciting new chapter of growth for our European platform, as we expand into a new market with a portfolio underpinned by a leading regional grocer. We have spent over a decade acquiring, owning, and operating grocery real estate in markets across Europe, and we look forward to bringing our expertise to Portugal and unlocking new growth opportunities for our investors.”
The move into Portugal comes after careful consideration and extensive market analysis by Slate’s experienced team, who have a strong understanding of the grocery landscape in Europe. Managing Director Sven Vollenbruch noted that the well-developed grocery market in Portugal, combined with high-quality tenants and solid covenants, made this portfolio an ideal fit for Slate’s strategy. “After years of underwriting, we recognized this portfolio to be a strong foothold for our continued growth in Iberia,” he added.
The sale was facilitated by LCN Capital Partners, which highlighted its successful partnership with SonaeMC, the owner of Continente. Edward V. LaPuma, Co-Founder and Managing Partner at LCN, stated, “This portfolio represented our first acquisition in the Portuguese market, making LCN one of the first international investors to execute a large-scale Sale-Leaseback transaction in Portugal and the Iberian Peninsula.” He emphasised the fruitful collaboration with SonaeMC, which has strengthened their position within the grocery market.
Carlos Viera Neto, Vice President at LCN, explained that the disposition of the portfolio is part of the fund’s wind-down period following nearly a decade of ownership. He confirmed that LCN remains committed to exploring new investment opportunities across different sectors within the European real estate market.
Slate’s essential real estate strategy is dedicated to acquiring and operating cash-yielding assets such as grocery stores, pharmaceutical services, and logistics facilities. Since establishing its presence in the European market in 2016, Slate has successfully transacted on approximately 1,000 commercial properties across seven countries, managing a portfolio of about 500 essential real estate assets with its capital partners.
The transaction was supported by legal advisory from Uría Menéndez, Engexpor, RPE, and KPMG for Slate, while Cuatrecasas provided counsel to LCN on this deal. Visit slateam.com and www.lcnpartners.com to learn more.