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Slate Retail REIT Closes Acquisition of Seven Grocery-Anchored Properties in US
Monday 01 June 2020

Canadian property investor Slate Retail REIT (TSX: SRT.U) (TSX: SRT.UN) an owner and operator of US grocery-anchored real estate, has closed the acquisition of seven grocery-anchored assets for USD 90m (USD 144 per square foot), the company said.

These properties are in the Southeastern and Mid-Atlantic United States.

This transaction was initially announced on March 10, 2020 for a purchase price of USD 106.5m.

It was subsequently announced on April 9, 2020 that the deal was unlikely to proceed, but the agreement of purchase and sale was amended and reinsaid and the transaction has now been completed.

Slate Retail REIT is a real estate investment trust focused on US grocery-anchored real estate.

The REIT owns and operates approximately USD 1.2bn of assets located across the top 50 US metro markets that are visited regularly by consumers for their everyday needs.

The REIT's diversified portfolio and quality tenant covenants provide a strong basis to continue to grow unitholder distributions and the flexibility to capitalize on opportunities that drive value appreciation.

Slate Asset Management is a real estate focused alternative investment platform with approximately USD6.5 bn in assets under management.
Date Published: 01/06/2020