Slate Asset Management has completed €425m (£359m) of senior debt refinancing for its European essential real estate portfolio.
The refinancing was completed across 160 properties in three countries via three individual transactions with institutional lenders Erste Group Bank AG, DZ HYP, and Natixis Pfandbriefbank AG.
Slate said that the new deals had been completed at five- and seven-year terms at rates that were “more favourable than initial underwriting”.
Sven Vollenbruch, Slate’s managing director, said: “Our ability to refinance almost €425m of debt in the current financing environment demonstrates that essential real estate continues to be an attractive asset class for lenders.
“These properties are secured by long-term, CPI-linked net leases with AAA covenant essential tenants that are critical to the supply chain, which translates to stable and attractive income streams that have historically been resilient and recession-proof.
“We are very proud of the portfolio of high-quality essential real estate we have built in Europe and grateful to our lenders for their continued trust and confidence in our strategy.”
Slate focuses on acquiring, owning, and operating cash yielding, real estate assets, such as grocery; pharma or other healthcare services assets; and affiliated warehouses and logistics assets.
It currently operates a portfolio of more than 500 real estate assets in Europe.
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