The Frankfurt Real Estate Industry team advised Slate Asset Management on the acquisition of a grocery real estate portfolio in Germany by its affiliate. The purchase price amounts to €31.5 million.
The portfolio comprises 27 properties in nine German federal states with a lettable area of over 60,000 square meters. The main tenants are the food retail chains Netto, Penny and Edeka.
The Frankfurt team has advised Slate on all transactions in Germany over the past two and a half years.
Slate Asset Management L.P. is a leading real estate investment platform with over $6 billion in assets under management. Since its market entry in December 2016, Slate has completed a total of ten portfolio acquisitions in Germany as well as eleven sales. The company's European portfolio today comprises 160 food markets in Germany with a total lettable area of over 260,000 square meters. Tenants are predominantly large food retailers such as Edeka, REWE, Lidl and Aldi.
Advising on both the legal and tax aspects of the acquisition, the Goodwin team was led by partner Marc Bohne and associate Matthias Ruedt von Collenberg and included partners Stephan Kock and Heiko Penndorf, counsel Felix Krueger and associates Christopher Jeschor and Gleb Lidman.
For additional details on the acquisition, please read the press release.