SOURCE: Slate Retail REIT

Slate Retail REIT

December 04, 2015 17:00 ET

Slate Retail REIT Announces Acquisition of Shopping Centre in Minnesota

TORONTO, ON--(Marketwired - December 04, 2015) - Slate Retail REIT (TSX: SRT.U) (TSX: SRT.UN) (the "REIT") announced today that it has entered into a binding agreement to acquire North Branch Marketplace in the Minneapolis-Saint Paul Metropolitan Statistical Area.

The property is 97% occupied and anchored by a County Market grocery store. It will be acquired for U.S.$20.9 million (U.S.$133 per square foot). The acquisition is expected to be completed in fourth quarter 2015 and remains subject to customary closing conditions.

Slate Asset Management L.P. ("Slate") is the REIT's manager.

About Slate Retail REIT

Slate Retail REIT is an open-ended real estate investment trust focused on U.S. grocery-anchored real estate. The REIT's portfolio includes 65 properties located primarily across the top 50 U.S. metro markets. The REIT is focused on maximizing value through internal organic rental growth and strategic acquisitions. Visit slateam.com/SRT 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:
    Greg Stevenson
    Chief Executive Officer
    Slate Retail REIT
    +1 416 619 4285
    greg@slateam.com

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