Urban Partners’ real estate arm, Nrep, together with StepStone Real Estate (“SRE”), the real estate arm of private markets investment firm StepStone Group (Nasdaq: STEP), are pleased to announce the sale of a portfolio of five grocery-anchored retail properties and two adjacent residential properties in Greater Copenhagen. The portfolio is being acquired by a joint venture between Slate Asset Management (“Slate” or the “Firm”), a global investor and manager focused on essential real estate and infrastructure assets, and OneIM, a global alternative investment manager that invests across the capital structure in a range of asset classes.
OneIM is Slate’s capital partner in the transaction, which is the first for Slate and OneIM’s joint venture. The joint venture is actively targeting further acquisitions across the European essential retail sector. The acquisition marks Slate’s first investment in Denmark and further increases the Firm’s portfolio of high-quality essential real estate assets in Europe.
All of the properties in the portfolio are in dense residential areas (Holte Midtpunkt, Lyngby Stationscenter, Frihedens Butikscenter, Vallensbæk Stationstorv Syd, and Taastrup Torv) and near the city’s five major transportation corridors. During its ownership, Nrep led a comprehensive repositioning of the properties, transforming them into vibrant urban hubs with best-in-class sustainability credentials. Customer footfall has increased due to the addition of new tenants, including unique concept stores, diverse food and beverage offerings, and medical clinics. The introduction of new concepts and general renovations have also contributed to more efficient customer and tenant journeys, boosting turnover and activity in the surrounding areas.
Today, the properties in the portfolio are let to leading regional grocers as well as some of Europe’s largest and best-performing retail chains. The portfolio is well-occupied, with immediate upside potential through leasing of remaining vacancies and continued active management of the portfolio.
“We are pleased to be scaling our presence in the Nordics with this strategic acquisition in Denmark,” said Sven Vollenbruch, Managing Director at Slate. “We have great conviction in the tailwinds driving growth in the Danish market, which has consistently outperformed the broader Eurozone across a number of key macroeconomic indicators. This portfolio presents an attractive entry point for us in this market given it is anchored by leading essential goods tenants – many of whom we already have well-established relationships with – and presents meaningful opportunities to unlock additional value through active, hands-on asset management.”
“This transaction epitomises our investment strategy,” said Thomas Riise-Jakobsen, partner and country manager for Denmark at Nrep. “The properties are in attractive locations with reliable occupancy and offer significant ESG potential. They sit at the intersection of best-in-class development and the green transition, which is Nrep’s absolute sweet spot. We are proud of the work we have done to enhance the portfolio – renovating, repositioning and elevating the centers and their surrounding communities – while delivering strong returns to our investors. With Slate Asset Management taking over, I have no doubt they will capitalise on the progress to date to elevate the properties further.”
Josh Cleveland, Partner and Head of EMEA at SRE added: “Nrep has been an important partner of ours in the Nordics and the opportunity to form a continuation vehicle with them to invest in these strong necessity-based retail and residential assets was an attractive investment opportunity for us.”
Nrep has continuously renovated and upgraded the individual properties while strengthening the tenant mix. The projects have included local planning initiatives and the potential for 100 new residential units at Taastrup Torv. In Vallensbæk and Friheden alone, over 16,000 square meters of residential space have been created.
Slate maintains a distinct focus on essential real estate, concentrating on the acquisition, ownership, and operation of assets vital to daily life, including grocery, necessity-based retail centers, and the logistics infrastructure that supports the distribution of food and other non-discretionary goods. Since entering the European market in 2016, Slate has been an active investor, completing transactions on more than 1,000 commercial properties across eight countries.
Schjødt, Thylander, COWI, and PwC supported Slate in the transaction, while CBRE, Bruun & Hjejle, and Deloitte advised Nrep.
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