Slate Asset Management Acquires Morrisons Regional Distribution Center in Bridgwater, United Kingdom

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LONDON--(BUSINESS WIRE)--Nov 27, 2024--

Slate Asset Management (“Slate” or the “Firm”), a global investor and manager focused on essential real estate and infrastructure assets, today announced that it has entered into an agreement to acquire the Morrisons Regional Distribution Center (the “Center”) in Bridgwater, United Kingdom (“UK”) from Aviva Investors. The Center is a high-quality, 780,000 square foot distribution facility that is fully leased by Morrisons, a leading UK grocer, on an index-linked and triple-net basis.

The Center is Morrisons’ only distribution facility in the Southwest UK and is strategically located on the most important motorway axis in the region with excellent transport connections to South England and South Wales. The Center is essential to Morrisons’ supply chain, operating 24 hours a day, seven days a week to serve nearly 20% of Morrisons’ supermarket locations.

The Center benefits from strong ESG credentials, with over 4,000 rooftop solar panels, rainwater harvesting systems, and on-site recycling. Morrisons also continues to actively invest in upgrades and technologies that are further improving the sustainability and operational resiliency of the Center.

“This property meets all the key criteria we look for in income-generating essential real estate investments,” said Brady Welch, Co-Founding Partner at Slate. “It’s a modern, sustainably built facility underpinned by a leading national grocer. The property’s strategic location makes it uniquely well positioned to efficiently distribute everyday goods to millions of consumers. It’s an exciting acquisition for us in the UK, where we continue to actively evaluate opportunities across the essential real estate sector.”

Slate has been an active investor in the European real estate market since 2016. To date, the Firm has transacted on approximately 1,000 commercial properties across 7 countries in the region. Slate’s focus on European essential real estate spans the risk spectrum, with value creation and income strategies, targeting grocery, pharmacy, food logistics, and other assets that support the non-discretionary needs of day-to-day life.

Cushman & Wakefield, Gowling WLG, and KPMG advised Slate on this transaction, which is expected to close in December 2024 subject to customary closing conditions.

About Slate Asset Management

Slate Asset Management is a global investor and manager focused on essential real estate and infrastructure assets. We focus on fundamentals with the objective of creating long-term value for our investors and partners across the real assets space. We are supported by exceptional people and flexible capital, which enable us to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more, and follow Slate Asset Management on LinkedIn, X (Twitter), and Instagram.

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KEYWORD: NORTH AMERICA UNITED STATES UNITED KINGDOM EUROPE CANADA

INDUSTRY KEYWORD: COMMERCIAL BUILDING & REAL ESTATE TECHNOLOGY CONSTRUCTION & PROPERTY FINANCE BANKING REIT PROFESSIONAL SERVICES SOFTWARE ASSET MANAGEMENT

SOURCE: Slate Asset Management

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PUB: 11/27/2024 03:50 AM/DISC: 11/27/2024 03:50 AM

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