Slate Office REIT Closes $58 Million Public Offering of Units

TORONTO, ON--(Marketwired - September 07, 2016) - Slate Office REIT (TSX: SOT.UN) (the "REIT") announced today that it has closed its previously announced offering of 6,900,000 trust units of the REIT ("Units") at a price of $8.45 per Unit for gross proceeds of approximately $58.3 million (the "Offering"). The Offering was completed on a bought deal basis through a syndicate of underwriters co-led by TD Securities Inc. and BMO Nesbitt Burns Inc. (the "Underwriters"). The Offering consisted of a treasury offering by the REIT of 6,104,500 Units for gross proceeds of approximately $51.6 million (the "Treasury Offering") and a secondary offering by Subcore Equities Inc., a private corporation managed by Greystone Managed Investments Inc. on behalf of certain pension fund clients (the "Selling Unitholder"), of 795,500 Units for gross proceeds of approximately $6.7 million (the "Secondary Offering"). The Treasury Offering includes 900,000 Units which were sold to the Underwriters upon the exercise in full of the over-allotment option that had been granted to the Underwriters by the REIT. The REIT did not receive any proceeds from the Secondary Offering.

Forward-Looking Statements
Certain information herein constitutes "forward-looking information" as defined under Canadian securities laws which reflect management's expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance, business prospects and opportunities of the REIT. The words "plans", "expects", "does not expect", "scheduled", "estimates", "intends", "anticipates", "does not anticipate", "projects", "believes", or variations of such words and phrases or statements to the effect that certain actions, events or results "may", "will", "could", "would", "might", "occur", "be achieved", or "continue" and similar expressions identify forward-looking statements.

Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management as of the date hereof, are inherently subject to significant business, economic and competitive uncertainties and contingencies. When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. A number of factors could cause actual results to differ, possibly materially, from the results discussed in the forward-looking statements.

Additional information about risks and uncertainties is contained in the REIT's annual information form for the year ended December 31, 2015 available on SEDAR at www.sedar.com.

About Slate Office REIT (TSX: SOT.UN)
Slate Office REIT is an open-ended real estate investment trust. The REIT's portfolio currently comprises 34 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 Asset Management L.P.
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.