Canada-based real asset investor Slate Asset Management has acquired a portfolio of 12 grocery properties in Portugal, adding a new market to its real estate strategy.
The assets were purchased for approximately €150 million from LCN Capital Partners, one of the largest private owners of supermarket assets in Portugal.
All of the 12 grocery stores are leased to Continente, the Portuguese grocery retail chain owned by MC Sonae, under long-term agreements.
These properties are strategically located in major urban areas across Portugal, with a strong concentration in Lisbon, Porto, and Faro.
The stores offer convenient transportation access and electric vehicle charging facilities, ensuring their continued appeal to customers and generating stable income streams.
LCN is in the process of selling its portfolio after owning it for nearly ten years. Last year, LCN acquired 49 retail real estate assets in Portugal from Trei Real Estate, occupied by Pingo Doce, Continente and Minipreço.
'An Exciting New Chapter'
Brady Welch, co-founding partner of Slate, said, “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, with a strong team that expertly understands the grocery landscape and works collaboratively with tenants to maximise the value of our real estate.
“We look forward to bringing our expertise to Portugal and unlocking new growth opportunities in this market on behalf of our investors.”
Sven Vollenbruch, managing director at Slate, commented, “Portugal’s well-developed grocery market anchored by strong tenants and high-quality covenants has been a key area of interest for our team in Europe.
“After years of underwriting, we recognised this Portfolio to be an ideal fit for our European essential real estate strategy and a strong foothold from which Slate can continue to grow in Iberia.”
Carlos Viera Neto, VP at LCN, added, “We will continue to actively source new investment opportunities in Portugal and Europe to further expand our footprint across different industries and sectors of the real estate market through our sale-leaseback and Built-to-Suit strategies.”
Slate’s portfolio comprises approximately 500 real estate assets in Europe, including grocery stores, pharmacies, other healthcare facilities, and related warehouses and logistics centres, directly owned or with partners.
