SOURCE: Slate Retail REIT

Slate Retail REIT

March 28, 2016 17:12 ET

Slate Retail REIT Announces Sale of Property in Alabama for $9.1 Million

TORONTO, ON--(Marketwired - March 28, 2016) - Slate Retail REIT (TSX: SRT.U) (TSX: SRT.UN) (the "REIT"), an owner and operator of U.S. grocery-anchored real estate, announced today that it has completed the sale of Madison Centre in Madison, Alabama for gross proceeds of U.S.$9.10 million, representing an estimated 6.4% capitalization rate.

Madison Centre was originally acquired in the second quarter of 2013 by Slate U.S. Opportunity (No. 2) Realty Trust (a predecessor of the REIT) for U.S. $7.35 million, representing an estimated 7.8% capitalization rate.

"The valuation parameters for the markets we own real estate in continue to be attractive for well-managed and tenanted properties," said Greg Stevenson, CEO of Slate Retail REIT. "Our focus remains on targeting properties within our existing markets to achieve operating efficiencies."

Net proceeds from the disposition of the property are expected to be reinvested on a tax-deferred basis.

About Slate Retail REIT (TSX: SRT.U) (TSX: SRT.UN)
Slate Retail REIT is a real estate investment trust focused on U.S. grocery-anchored real estate. The REIT owns and operates approximately $1 billion of assets 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 the REIT.

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 about Slate Asset Management L.P.

Contact Information

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    Investor Relations
    Slate Asset Management L.P.
    +1 416 644 4264
    ir@slateam.com