Slate Asset Management and One Investment Management Agree to Buy Eight Oslo Retail Parks From Tellus Eiendom AS for About €250 Million

Slate Asset Management and One Investment Management (OneIM) have agreed to acquire a portfolio of eight grocery-anchored retail parks in Norway from Tellus Eiendom AS, the firms announced Oct. 5. The portfolio, located in the Greater Oslo region, is valued at approximately €250 million, and the acquisition is subject to customary closing conditions.

Slate Asset Management, a global investor and manager focused on essential real estate and infrastructure assets, and OneIM, a global alternative investment manager, said the properties are anchored by Norway's leading grocery operators and discount retailers.

Slate Asset Management and OneIM Expand Nordic Platform

The transaction adds to Slate Asset Management's Nordic platform and its pan-European essential value-add real estate strategy, the firms said. It builds on the existing partnership between Slate and OneIM, which previously invested in a portfolio of five grocery-anchored retail properties in Greater Copenhagen and a portfolio of four essential real estate properties in Germany.

Slate has been an active investor in European real estate since 2016 and has transacted on more than 1,000 commercial properties across nine countries, according to the announcement.

"We are pleased to be expanding our European Essential real estate platform with this significant acquisition," said Brady Welch, Co-Founding Partner of Slate Asset Management. "These eight retail parks sit in dominant locations along major transport corridors around Oslo. The portfolio is anchored by Norway's strongest grocery operators and benefits from CPI-linked lease structures, designed to provide durable, inflation-protected cash flows. We look forward to applying our active management to unlock the portfolio's full potential through value-add enhancements."

Grocery-Anchored Retail Portfolio Near Oslo

The portfolio is dominated by essential tenants serving non-discretionary, everyday needs, including Coop, NorgesGruppen and Reitan Retail, which the firms described as three of Norway's largest and most established grocery operators. Tenant sales have grown consistently across the portfolio, the firms said, pointing to the historical resilience of necessity-driven demand through a range of macroeconomic conditions, including periods of elevated inflation and rising interest rates.

The portfolio's value works out to roughly €31.25 million per property, based on the announced total divided by eight assets. Olrud Handelspark in Furnes, near Hamar, is a Tellus Eiendom retail property, and the press release image references the asset. Tellus describes Olrud as the largest retail park between Oslo and Trondheim, located close to the E6 highway, with 11 established retail operators.

Tellus Eiendom AS Sells Portfolio

Per Øivind Dahl, CEO of Tellus Eiendom AS, commented on the sale: "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."

Slate Asset Management was advised by Schjødt, ABG Sundal Collier, Crowe and Veridian.

Financing and Market Context

A separate announcement dated Oct. 13 identifies a NOK 1.62 billion senior secured, five-year bond financing for Tellus Bidco AS in connection with the acquisition. That financing followed the Oct. 5 acquisition announcement and was not part of the original press release.

The deal reflects continued investor interest in defensive, necessity-based retail. Grocery stores and discount retailers sell non-discretionary goods, and the buyers cite CPI-linked lease structures as a source of inflation-protected income. Slate said it intends to pursue active management and value-add enhancements across the portfolio, indicating the acquisition is not solely a stabilized-income purchase.

OneIM, which was founded in 2022, manages more than $12 billion in assets with a team of more than 70 professionals operating from offices in Abu Dhabi, London, Tokyo and New York, according to the firm.

Outlook

With the Greater Oslo transaction, Slate Asset Management and One Investment Management extend their joint European essential real estate investments across three markets: Denmark, Germany and Norway. Closing remains subject to customary conditions.

Sources

Slate Asset Management press release, Oct. 5, 2026: https://www.slateam.com/2026/10/05/slate-asset-management-and-oneim-agree-to-acquire-portfolio-of-grocery-anchored-essential-real-estate-in-the-greater-oslo-region-valued-at-approximately-e250-million/