Slate Asset Management and One Investment Management have entered into an agreement to acquire a portfolio of eight grocery-anchored retail parks in Norway from Tellus Eiendom AS. The transaction is valued at approximately €250 million, or about US$279 million, and concentrates entirely in the Greater Oslo region.
The properties in the portfolio are anchored by several of Norway’s leading grocery and discount concepts. According to the buyers, the assets are positioned along major transport corridors around Oslo and are leased to some of the country’s strongest grocery operators and discount retailers. The tenant mix is described as primarily essential, serving non-discretionary, everyday consumer needs.
Brady Welch, co-founding partner at Toronto-based Slate Asset Management, noted that the acquisition expands the firm’s European Essential real estate platform. He highlighted the dominant locations of the eight retail parks and the presence of Norway’s leading grocery operators as key attributes of the portfolio. He also pointed to CPI-linked lease structures across the assets, which are designed to provide durable, inflation-protected cash flows.
Welch added that Slate plans to apply active asset management across the portfolio to pursue value-add enhancements and seek to realize what the firm views as additional potential at the properties. While specific initiatives were not detailed, the firms emphasize that the strategy will focus on strengthening an already essential retail offering anchored by market-leading operators.
The portfolio’s tenant roster includes Coop, NorgesGruppen and Reitan Retail, described as three of Norway’s largest and most established grocery operators. Their presence underscores the essential, necessity-based spending profile of the assets. The properties are characterized as grocery-anchored retail parks rather than enclosed malls or mixed-use schemes.
This acquisition builds on Slate and One Investment Management’s existing partnership in European essential retail and related real estate. The firms previously invested together in a portfolio of five grocery-anchored retail properties in Greater Copenhagen, as well as a separate portfolio of four essential real estate assets in Germany. The Greater Oslo acquisition further scales that thematic strategy in Northern Europe.
On the advisory side, Slate Asset Management received advice from Schjødt, ABG Sundal Collier, Crowe and Veridian in connection with the transaction. The announcement did not disclose any additional transaction details such as cap rate, financing structure, or closing timeline.
