Slate Asset Management Acquires x+bricks Group’s Local Shopping Portfolio Worth Over One Billion Euros

Both tranches together comprise 188 properties with a total value of more than one billion euros. The parties have agreed not to disclose further details of the transaction.

“We are pleased to expand our portfolio of high-quality properties focused on everyday products in Germany. We are convinced of the growth prospects of this stable and defensive asset class. The execution of a transaction of this magnitude highlights the strength and capabilities of Slate’s global team. We have a deep and extensive regional network, giving us access to flexible capital through trusted partners who appreciate our added value as investors and managers”, says Brady Welch, co-founder and partner of Slate Asset Management.

“We are proud to be a key partner to food retail operators in Germany. We plan to continue to expand our strategic investments in our portfolio to provide our tenants with sustainable space that best meets the needs and desires of their customers. We intend to consistently modernize our properties with new infrastructure to further strengthen their competitiveness. Everything will be aimed at making the properties even more efficient and attractive for users and end consumers”, adds Sven Vollenbruch, Senior Vice President at Slate Asset Management in Germany.

In connection with the transaction, Sascha M. Wilhelm, founder, and CEO of x+bricks Group, has decided to sell his shares in the company and devote himself to new tasks. Jorgen Verink, CFO of x+bricks Group, will take over Sascha Wilhelm’s management responsibilities.

“Driven by the fascination to develop and implement new ideas, we have built x+bricks into a leading platform for food-anchored retail properties in Germany over the past five years”, comments Sascha M. Wilhelm, founder and CEO of x+bricks Group. “This success was also made possible by a great team of partners and employees, whom I would like to thank in particular today. Following last year’s transactions, we have now profitably sold the entire x+bricks portfolio to a strategic and experienced investor in this asset class, who has excellent capabilities to continue developing the portfolio. For me, it is the right time to focus on new growth opportunities and investments. The current market environment offers many attractive opportunities.”