Toronto firm raises €250 million for first Europe-only fund

Toronto-based Slate Asset Management is targeting German retail for its first Europe-only real estate fund.

The manager has raised its hard cap of €250 mln - exceeding its €200 mln target - for Slate European Real Estate Fund III (Slate Europe III).

Its previous funds were partly allocated to Europe.

Slate Europe III is also the first of Slate’s vehicles to include European investors, who contributed 56% of the capital, or €140 mln. A further 14% came from Asian investors.

The new fund will buy grocery-anchored properties with a focus on assets in Germany.

One of Slate’s founding partners, Brady Welch, has moved from Toronto to London to lead the push into Europe. The firm also has an office in Frankfurt.

Welch said: ‘During this unprecedented time of market disruption, we are pleased to close Slate Europe III at its hard-cap and are thankful for the confidence investors from diverse geographies continue to place in us as Slate expands its presence across Europe.’

Slate describes itself as a ‘value-oriented’ manager. The business has $6.5 bn in assets under management, in both private and publicly traded structures.