Tuesday, July 23, 2024

Slate Asset Management acquires World Seafood Center

Slate Asset Management has acquired the World Seafood Center, a state-of-the-art, new build seafood refrigeration and distribution facility in Norway, for approximately NOK 1.3 billion.

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. The facility derives 100% 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.”

One of the property’s largest tenants, Mowi, is the world’s largest seafood company listed on Oslo Stock Exchange. Mowi controls approximately 20% of global seafood distribution, selling their products in over 70 countries and supplying eight million meals around the world each day.

The seller of the property is Oslo Airport City (OAC).

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

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