Key Takeaways
- • Slate Asset Management and OneIM have agreed to acquire a portfolio of eight grocery-anchored retail parks in Norway from Tellus Eiendom AS, valued at approximately €250 million.
- • The portfolio sits in the Greater Oslo region and is anchored by Coop, NorgesGruppen and Reitan Retail, with CPI-linked lease structures.
- • The deal extends the Slate-OneIM partnership into a third country after prior investments in Greater Copenhagen (five properties) and Germany (four essential real estate properties).
- • The transaction is subject to customary closing conditions and expands Slate's Nordic platform and its pan-European essential value-add real estate strategy.
- • Tellus Eiendom CEO Per Øivind Dahl said the portfolio was built over many years and is being entrusted to Slate, which plans value-add enhancements.
Summary
Slate Asset Management, a global investor focused on essential real estate and infrastructure, and One Investment Management (OneIM), a global alternative investment manager with over $12 billion in assets under management, announced on October 4, 2026 that they have agreed to acquire a portfolio of eight grocery-anchored retail parks in Norway from Tellus Eiendom AS. Trade coverage valued the portfolio at approximately €250 million. The properties are located in the Greater Oslo region along major transport corridors and are anchored by Norway's leading grocery operators and discount retailers.
According to Brady Welch, Co-Founding Partner of Slate Asset Management, the portfolio's leases are CPI-linked, which is designed to provide durable, inflation-protected cash flows. Slate plans to apply its active management approach to pursue value-add enhancements. Per Øivind Dahl, CEO of Tellus Eiendom AS, said the seller built and developed the portfolio over many years and thanked the buyers for their cooperation during the sale process.
The tenant base is dominated by non-discretionary, everyday-needs operators, including Coop, NorgesGruppen and Reitan Retail. The company states that tenant sales have grown consistently across the portfolio, though the historical resilience cited relates to periods of elevated inflation and rising interest rates rather than to the current transaction.
The acquisition builds on the existing Slate-OneIM partnership, which previously invested in a five-property grocery-anchored portfolio in Greater Copenhagen and a four-property essential real estate portfolio in Germany. Trade coverage notes the deal takes the partnership into a third country. The transaction further scales Slate's Nordic platform and adds to its pan-European essential value-add strategy. Slate has been active in European real estate since 2016 and has transacted on more than 1,000 commercial properties across nine countries. The deal is subject to customary closing conditions. Slate was advised by Schjødt, ABG Sundal Collier, Crowe and Veridian.
According to Brady Welch, Co-Founding Partner of Slate Asset Management, the portfolio's leases are CPI-linked, which is designed to provide durable, inflation-protected cash flows. Slate plans to apply its active management approach to pursue value-add enhancements. Per Øivind Dahl, CEO of Tellus Eiendom AS, said the seller built and developed the portfolio over many years and thanked the buyers for their cooperation during the sale process.
The tenant base is dominated by non-discretionary, everyday-needs operators, including Coop, NorgesGruppen and Reitan Retail. The company states that tenant sales have grown consistently across the portfolio, though the historical resilience cited relates to periods of elevated inflation and rising interest rates rather than to the current transaction.
The acquisition builds on the existing Slate-OneIM partnership, which previously invested in a five-property grocery-anchored portfolio in Greater Copenhagen and a four-property essential real estate portfolio in Germany. Trade coverage notes the deal takes the partnership into a third country. The transaction further scales Slate's Nordic platform and adds to its pan-European essential value-add strategy. Slate has been active in European real estate since 2016 and has transacted on more than 1,000 commercial properties across nine countries. The deal is subject to customary closing conditions. Slate was advised by Schjødt, ABG Sundal Collier, Crowe and Veridian.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.