First Investment in Northern Ireland Signals Further European Expansion
LONDON, Feb. 24, 2020 /PRNewswire/ -- Slate Asset Management ("Slate"), a leading alternative asset management platform with a focus on real estate and real assets, announced today the acquisition by its affiliate, Slate Abbey Holdings L.P., alongside existing limited partners of Slate, of Abbey Retail Park, a 20,250 m² grocery-anchored retail park situated in Newtownabbey, 4 miles north of central Belfast, Northern Ireland.
Anchored by Tesco, the site maintains a 12-year weighted average lease term and includes 16,190 m² of development land. Additional tenants include B&Q and Currys PC World. The asset was acquired from Hammerson.
"This is a significant transaction that marks Slate Asset Management's first European deal outside of Slate's German grocery real estate strategy," said Brady Welch, a Founding Partner at Slate. "The acquisition of Abbey Retail Park reflects our growing interest in, and commitment to, deploying further capital across the continent. We look forward to uncovering similarly attractive investment opportunities in the future."
Since December 2016, Slate has completed a total of 250 property acquisitions across Europe, totaling over 450,000 m² of gross leasable space and has established offices in London, Dublin and Frankfurt. Goodwin Procter acted as the legal advisor to Slate on this transaction.
About Slate Asset Management Slate Asset Management is a leading real estate-focused alternative investment platform with over $6 billion in assets under management. Slate is a value-oriented manager and a significant sponsor of all of its private and publicly traded investment vehicles, which are tailored to the unique goals and objectives of its investors. The firm's careful and selective investment approach creates long-term value with an emphasis on capital preservation and outsized returns. Slate is supported by exceptional people, flexible capital and a demonstrated ability to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com [https://c212.net/c/link/?t=0&l=en&o=2728090-1&h=4138221975&u=https%3A%2F%2Fwww.slateam.com%2F&a=slateam.com] to learn more.
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