Slate Asset Management and One Investment Management Acquire Eight Greater Oslo Retail Properties From Tellus Eiendom AS

Slate Asset Management and One Investment Management (OneIM) have agreed to acquire a portfolio of eight grocery-anchored retail properties in the Greater Oslo region from Tellus Eiendom AS. The portfolio is valued at approximately €250 million, and the deal was announced Oct. 13, 2026.

Pareto Alternative Investments AS arranged a NOK1.62 billion senior secured bond with a five-year maturity to finance the acquisition. The bond was issued through the acquisition vehicle, Tellus Bidco AS. Closing remains subject to customary conditions.

Portfolio Details: Eight Retail Properties Along Oslo Transport Corridors

The portfolio comprises eight properties in the Greater Oslo region, located along major transport corridors around the Norwegian capital. The assets are grocery-anchored retail parks let primarily to essential tenants serving non-discretionary, everyday needs. Named tenants include Coop, NorgesGruppen and Reitan Retail.

The leases include CPI-linked structures, which tie rental income to consumer price movements.

Tellus Eiendom Seller Commentary

Per Øivind Dahl, CEO of Tellus Eiendom AS, commented on the sale in the announcement.

"We have built and developed this portfolio over many years and are pleased to entrust it to Slate Asset Management. The buyers are well positioned to manage and further develop the properties, and we thank them for their constructive cooperation throughout the sale process," Dahl said.

NOK1.62 Billion Bond Financing Structure

Pareto Alternative Investments arranged the NOK1.62 billion senior secured bond for Tellus Bidco AS. Using an illustrative EUR/NOK exchange rate of 11.6, the €250 million portfolio value equates to roughly NOK2.9 billion, implying a loan-to-value ratio of approximately 56%. That figure is an indicative calculation rather than a stated underwriting ratio. Across the eight assets, the portfolio value averages roughly €31.25 million per property.

The five-year maturity gives the ownership group a defined period to operate the assets before a refinancing or sale.

Slate Asset Management and OneIM Expand European Partnership

The Oslo acquisition builds on the existing partnership between Slate Asset Management and OneIM. The two firms previously invested together in a portfolio of five grocery-anchored retail properties in Greater Copenhagen and a portfolio of four essential real estate properties in Germany.

Taken together, the Norwegian, Danish and German investments show a focus on essential-use real estate across multiple European markets. The Oslo portfolio's tenant base, concentrated among Norwegian grocery operators, and its CPI-linked leases position it as an income-oriented holding rather than a discretionary-retail investment.

Market Context

Grocery and discount retail are categories of non-discretionary spending, a characteristic that investors in essential retail point to when assessing income durability. Retail parks near major roads can serve broad catchment areas through convenience-oriented, vehicle-accessible shopping.

With the transaction subject to customary closing conditions, Slate Asset Management and One Investment Management are expected to take ownership of the portfolio from Tellus Eiendom AS upon completion.

Sources

• Pareto Alternative Investments AS: Debt financing of a portfolio of eight retail properties