Slate Asset Management makes first investment in Denmark

Slate Asset Management has acquired a portfolio of grocery-anchored retail and adjacent residential properties in Greater Copenhagen.

Sven Vollenbruch, managing director at Slate

The deal, made in partnership with global alternative investment manager OneIM, involves the purchase of seven properties from Nrep, the real estate arm of Urban Partners, and StepStone Real Estate.
This marks Slate's first investment in Denmark and expands its European essential real estate holdings.
The properties are located in densely populated areas (Holte Midtpunkt, Lyngby Stationscenter, Frihedens Butikscenter, Vallensbæk Stationstorv Syd, and Taastrup Torv) and near major transportation routes.
They have been transformed by Nrep into thriving urban hubs with strong sustainability credentials. This repositioning, which included adding diverse tenants like unique stores, restaurants, and medical clinics, has increased customer traffic and improved the overall experience for both customers and tenants.
The assets benefit from high foot traffic and are leased to prominent regional grocers and Europe’s leading retail chains, offering further growth potential through leasing of remaining vacancies and active management of the portfolio.
The joint venture between Slate and OneIM is targeting further acquisitions in the European essential retail sector.
Sven Vollenbruch, managing director at Slate, said: “We are pleased to be scaling our presence in the Nordics with this strategic acquisition in Denmark. 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.”
Thomas Riise-Jakobsen, partner and country manager for Denmark at Nrep, commented: “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 centres 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.”
Beyond renovations and tenant improvements, Nrep has focused on expanding the residential offerings within the portfolio. This includes a plan for 100 new residential units at Taastrup Torv and the successful development of over 16,000 m2 of residential space in Vallensbæk and Friheden.
Slate was advised by Schjødt, Thylander, COWI, and PwC, while Nrep was advised by CBRE, Bruun & Hjejle, and Deloitte on the transaction.