SOURCE: Slate Office REIT

Slate Office REIT

November 24, 2015 08:15 ET

Slate Office REIT Announces Property Sales Totalling $56.2 Million

TORONTO, ON--(Marketwired - November 24, 2015) - Slate Office REIT (TSX: SOT.UN) ("Slate Office") announced today that it has entered into binding agreements to sell 15 industrial and retail properties in two separate portfolio transactions (collectively, the "Transactions") for gross proceeds totalling $56.2 million.

Included in the Transactions is a portfolio comprising 12 industrial properties located in Winnipeg, Manitoba totalling 516,495 square feet (the "Manitoba Portfolio"). The Manitoba Portfolio will be sold to an undisclosed purchaser for $47.0 million.

Slate Office has also entered into a binding agreement to sell 3 retail properties in Newfoundland totalling 305,259 square feet (the "Newfoundland Portfolio") to an undisclosed purchaser for $9.2 million.

The Transactions, which are subject to customary closing conditions, are consistent with Slate Office's stated strategy and focus on commercial office properties.

Slate Management Corporation, a wholly-owned subsidiary of Slate Asset Management L.P. ("Slate"), is the REIT's manager.

Description of the Properties

The tables below set out details of each of the properties being sold.

Manitoba Portfolio

Property Name Asset Type Location Gross Leasable Area (Square   Feet)
891-895 Century St Industrial Winnipeg, MB 51,841
220 Cree Cres Industrial Winnipeg, MB 18,000
130 Lowson Cres Industrial Winnipeg, MB 25,672
119 & 130 Plymouth S Industrial Winnipeg, MB 43,364
1271 Sargent Ave Industrial Winnipeg, MB 40,893
1855 Sargent Ave Industrial Winnipeg, MB 77,500
1030 & 1040 Empress St Industrial Winnipeg, MB 33,478
1336-1340 Sargent Av Industrial Winnipeg, MB 42,092
1935 Sargent Ave Industrial Winnipeg, MB 113,864
1680 Ellice Ave Industrial Winnipeg, MB 29,843
585 Century St Industrial Winnipeg, MB 9,680
1700 Ellice Ave Industrial Winnipeg, MB 30,268
Total Manitoba Portfolio     516,495

Newfoundland Portfolio

Property Asset Type Location Gross Leasable Area (Square   Feet)
Fraser Mall Retail Gander, NL 98,883
Marystown Mall Retail Marystown, NL 91,990
Millbrook Mall Retail Corner Brook, NL 114,386
Total Newfoundland Portfolio     305,259

About Slate Office REIT

Slate Office REIT is an open-ended real estate investment trust. The REIT's portfolio currently comprises 48 strategic and well-located real estate assets located primarily across Canada's major population centres. The REIT is focused on maximizing value through internal organic rental and occupancy growth and strategic acquisitions. Visit slateam.com/SOT to learn more.

About Slate

Slate Asset Management L.P. is a leading real estate investment platform with over $3 billion in assets under management. Slate is a value-oriented company and a significant sponsor of all its private and publicly-traded investment vehicles, which are tailored to the unique goals and objectives of its investors. The firm's careful and selective investment approach creates long term value with an emphasis on capital preservation and outsized returns. Slate is supported by exceptional people, flexible capital and a proven ability to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more.

Contact Information

  • For Further Information:
    Scott Antoniak
    Chief Executive Officer
    Slate Office REIT
    +1 416 583 1764
    scott@slateam.com

    Conor McBroom
    Vice President, Investor Relations
    Slate Asset Management L.P.
    +1 416 619 4284
    conor@slateam.com