SOURCE: Slate Retail REIT

Slate Retail REIT

June 29, 2016 16:00 ET

Slate Retail REIT Announces Sale of Property in South Carolina for $6.5 Million

TORONTO, ON--(Marketwired - June 29, 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 Ocean Plaza in South Carolina for gross proceeds of U.S. $6.5 million, representing an estimated 6.6% capitalization rate.

"We believe the REIT maximized the value of Ocean Plaza as demonstrated by the sale price above our March 31, 2016 IFRS fair value," said Greg Stevenson, CEO of Slate Retail REIT. "In today's environment there are many opportunities to buy over-looked yet high quality assets that will provide greater upside for the REIT."

Ocean Plaza was originally acquired in the first quarter of 2015 for U.S. $5.5 million, representing an estimated 8.1% capitalization rate. 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 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 about Slate Asset Management L.P.

Contact Information

  • For Further Information:
    Investor Relations
    Slate Asset Management L.P.
    +1 416 644 4264
    ir@slateam.com