SOURCE: Slate Retail REIT

Slate Retail REIT

November 02, 2015 18:53 ET

Slate Retail REIT Announces Acquisition of Shopping Centre in South Carolina

TORONTO, ON--(Marketwired - November 02, 2015) - Slate Retail REIT (the "REIT") (TSX: SRT.U) (TSX: SRT.UN) today announced that it has entered into a binding agreement to acquire Little River Pavilion in Little River, South Carolina, within the Myrtle Beach-Conway-North Myrtle Beach Metropolitan Statistical Area.

The property is 91% occupied and anchored by a Lowes Foods grocery store. It will be acquired for U.S.$10.1 million (U.S.$158 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 $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