The acquisition further scales Slate’s portfolio of essential real estate assets in Europe and expands Slate’s real estate footprint in the Nordics. OAC started the development in 2016 to serve as a transit-oriented development and the “Gateway to the Nordics”.

The seafood industry is the second largest and growing export industry in Norway and benefits from strong demographic tailwinds that are driving high demand for seafood industrial space in the region. The World Seafood Center is a 55,000 square meter facility strategically located in the rapidly developing Gardermoen region within Oslo Airport City with immediate access to main transport networks to Europe and the overseas markets in Asia and America. The property is let to some of the largest seafood tenants in the world under long lease terms indexed with CPI, which are expected to provide stable and resilient cash flows. The facility derives 100 percent of its energy supply from green and renewable sources and is equipped with robotics and artificial intelligence technologies, which further contribute to its high levels of operating and energy efficiency.

“We are pleased to be increasing our exposure to European essential real estate with the acquisition of this premier cold storage and distribution facility,” said Sven Vollenbruch, Managing Director at Slate. “The World Seafood Center has established itself as a critical part of the food supply chain globally, providing consumers across Europe, America, and Asia with access to high-quality Norwegian seafood. As global demand for sustainable seafood continues to grow, we look forward to working together with the leading tenants at the World Seafood Center to further enhance the quality, efficiency, and resiliency of this facility, ensuring it remains a major seafood export hub for years to come.”

OAC is leading the construction of a new destination in the area where the World Seafood Center is located, which is expected to become Norway’s largest, most important, and centrally located business park at Gardermoen.

“We are very pleased with Slate’s interest in our development and acquisition of our largest development so far, the World Seafood Center,” said Thor Thoeneie, Chief Executive Officer of OAC. “Our fourth building is under construction, the new main terminal for GF Logistikk, and we are planning for our fifth new build for Grieg Seafood this year, both single tenant buildings on long leases as immediate neighbors to the World Seafood Center.”

One of the property’s largest tenants, Mowi, is the world’s largest seafood company listed on the Oslo Stock Exchange. Mowi controls approximately 20 percent of global seafood distribution, selling their products in over 70 countries and supplying eight million meals around the world each day. As the world’s largest farmer of Atlantic salmon – one of the most eco-efficient and sustainable forms of animal protein available – Mowi has been ranked the most sustainable protein producer by the Coller FAIRR Protein Producer Index for five years in a row.

Slate has been an active investor in the European real estate market since 2016 and has transacted on approximately 1,000 commercial properties across 6 countries in the region. Today, Slate has a portfolio of around 500 essential real estate assets. Slate’s European real estate strategy is focused on acquiring, owning, and operating cash yielding, essential real estate assets, such as grocery; pharma or other healthcare services assets; and affiliated warehouses and logistics assets.

OAC represents today's most important destination development in Norway, in the form of a multicore, transit-oriented hub, where innovative, economically sustainable, and urban qualities become regional "growth drivers" in this long-term commitment to infrastructure. Currently OAC has over 76,000 square meters of logistics space under construction, with zoning to build up to 1 million square meters.

Colliers, Thommessen and Vedal advised OAC on this transaction and Pareto Securities, Schjødt, CBRE, KPMG, BER, and agradblue – part of Westbridge – advised Slate, which is expected to close at the end of June 2024.