Slate Asset Management announces the final closure of Slate Real Estate Capital I to complete the $ 2.33 billion portfolio and platform acquisition from Annaly Capital Management, Inc.

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CHICAGO–() – Slate Asset Management (“Slate”), a global alternative investment platform focused on real estate, today announced the final closure of Slate Real Estate Capital I (“SREC I”). SREC I also completed its first deal today on its previously announced acquisition of the commercial real estate division of Annaly Capital Management, Inc. in the amount of $ 2.33 billion (“acquisition” or “transaction”). A portion of the portfolio acquired by Slate Grocery REIT (TSX: SGR.UN / SGR.U) is still pending and is expected to close in the third quarter of 2021.

SREC I is Slate’s first debt-focused investment company. The fund was oversubscribed due to third party capital commitments from a global group of new and existing institutional investors, including Preferred Equity Investments from Goldman Sachs Asset Management of Vintage Funds and Vintage Real Estate Partners. This investment is a further development of Slate’s existing partnership with Goldman Sachs Asset Management.

“Our main goal at Slate is to create long-term value for our investors, and we are thrilled to deepen and expand our relationship with respected partners such as Goldman Sachs Asset Management and other global institutional investors,” said Blair Welch, Co-Founder of Partner Slate.Following the initial close of this deal, our platform and team are now set to exploit attractive and creative investment opportunities across our entire capital stack. ”

Thanks to the scale and broad underwriting capabilities, Slate and Vintage Funds have been able to structure multilateral investments and acquire a high quality portfolio of real estate loan positions that combines loss protection and attractive return potential, ”said Sean. Brenan, Managing Director of Goldman Sachs Asset Management.

The acquisition will further expand Slate’s investment opportunities by enabling the firm to provide bridging and transitional lending, acquiring existing loans, investing in debt securities and providing flexible liquidity solutions for strong sponsors and assets.

Slate welcomes a bunch of new team members as part of the deal and has hired additional professionals to ensure a smooth portfolio transition. Team members will join Slate offices in Chicago, New York, Dallas and Los Angeles.

BMO Capital Markets acted as financial advisor and Goodwin Procter LLP and McCarthy Tétrault LLP acted as legal advisors to Slate at the time of the transaction.

About Slate Asset Management

Slate Asset Management is a global real estate-focused alternative investment platform. We focus on fundamental principles with the aim of creating long-term value for our investors and partners. The Slate platform offers a range of investment strategies, including opportunistic, complementary, complementary, and debt. We are backed by outstanding people and flexible capital, enabling us to create and pursue a wide range of attractive investment opportunities. Visit slateam.com To learn more.

About legacy funds Goldman Sachs Asset Management

Combining traditional and alternative investments, Goldman Sachs Asset Management offers clients worldwide targeted partnerships and focuses on long-term results. As a primary investment destination for Goldman Sachs (NYSE: GS), we provide investment and advisory services to the world’s leading institutions, financial advisors and individuals, backed by our deeply connected global network and personalized expert views across each region and market, overseeing As of March 31, 2021, supervised assets worldwide amount to more than $ 2 trillion. Driven by our passion for our clients’ work, we strive to build long-term relationships based on conviction, sustainable results and shared success over time. Goldman Sachs Asset Management invests in a full range of alternatives including private equity, growth capital, private lending, real estate and infrastructure. Founded in 1998 with Goldman Sachs Asset Management, Vintage Foundations have been pioneers in the secondary market and have invested over $ 40 billion in capital since inception. Vintage funds provide liquidity, capital and partnering solutions for private investors and managers around the world as part of private equity strategies. Subscribe to us at LinkedIn

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