Slate AM to acquire X-Bricks’ €1bn food retail portfolio

Toronto-headquartered Slate Asset Management is to acquire a €1 billion-plus porfolio of food-anchored property in Germany from investor X+Bricks Group.

The deal will be completed in two tranches, each subject to contractual conditions and regulatory approvals. The portfolio collectively comprises 188 properties with a total value of over €1 billion.

Luxembourg-headquartered X+Bricks Group invests in food-related real estate such as supermarkets, discounters and retail parks, buying individual properties and portfolios throughout Germany.

Slate Asset Management has been an active investor in the European real estate market since 2016 and owns more than 220 properties in Germany. On completion of the X+Bricks deal Slate will be one of the leading retail property owners and managers in  Germany.

Brady Welch, co-founder and partner of Slate Asset Management, explains: “We are pleased to expand our portfolio of high-quality real estate with a focus on everyday products in Germany. We believe in the growth prospects of this stable and defensive asset class.”

As part of the deal with Slate, Sascha Wilhelm, X+Bricks founder and CEO will sell his shares in the company and CFO Jorgen Verink will assume his management responsibilities.

“For me it is the right time to focus on new growth opportunities and investments. The current market environment offers many attractive opportunities,” Wilhelm said.

Custodia Trust Beteiligungsgesellschaft mbH, owned by the Berlin entrepreneur and investor Harald Christ, will remain involved in the X+Bricks Group until the portfolio is fully transferred to Slate and x+bricks will provide temporary support services to Slate to ensure a smooth handover.