Slate Retail REIT Upsizes Public Offering Financing to Approximately C$50 Million

TORONTO, ONTARIO--(Marketwired - Feb. 26, 2015) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

Slate Retail REIT (the "REIT") (TSX:SRT.UN)(TSX:SRT.U) announced today that it has upsized the previously announced bought deal financing agreement to 3,850,000 class U trust units of the REIT (the "Units") at a price of C$13.00 per Unit or US$10.47 per Unit (the "Offering Price") for gross proceeds of approximately C$50 million (the "Public Offering"). The REIT has also granted the Underwriters an overallotment option to purchase up to an additional 385,000 Units on the same terms and conditions, exercisable at any time, in whole or in part, up to 30 days after the closing of the Public Offering (the "Over-Allotment Option").

The increased Public Offering, combined with the previously announced Private Placement of C$10 million will increase the total gross proceeds from the offering to C$60 million.

Proceeds of the Public Offering and Private Placement will be used to repay amounts drawn under the REIT's credit facilities which were used to partially fund previous acquisitions, for future acquisitions and for general trust purposes.

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 43 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. For more information, please visit www.slateretailreit.com.

About Slate U.S. Opportunity (No. 3) Realty Trust

Slate U.S. Opportunity (No. 3) Realty was established for the primary purpose of indirectly acquiring, owning and leasing a portfolio of diversified revenue-producing commercial real estate properties in the U.S. with a focus on anchored retail properties. SUSO 3 indirectly owns a portfolio of 13 properties.

About Slate Asset Management

Slate Asset Management LP is a leading real estate investment platform with over $2.3 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. More information is available at www.slateam.com.

Cautionary Statements Regarding Forward-Looking Statements

This press release contains forward-looking statements with respect to the REIT and SUSO 3 and their respective operations, strategy, financial performance and financial condition, as well as with respect to the Public Offering, the Private Placement and the SUSO 3 Acquisition. These statements generally can be identified by the use of forward-looking words such as "forecast", "may", "will", "would", "expect", "estimate", "anticipate", "intend", "believe" or "continue" or the negative thereof or similar variations. Some of the specific forward-looking statements in this press release include, but are not limited to, statements with respect to the closing of the transactions contemplated herein and the effect of the transactions contemplated herein on the financial performance of the REIT or SUSO 3. The actual results of the transactions and the performance of the REIT or SUSO 3 discussed herein could differ materially from those expressed or implied by such statements. Accordingly, readers should not place undue reliance on forward-looking statements. These cautionary statements qualify all forward-looking statements attributable to the REIT or SUSO 3 and persons acting on its behalf. See the risk factors in the public filings of the REIT or SUSO 3, as applicable. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, the failure to receive any required approvals or consents in connection with the SUSO 3 Acquisition, the failure to realize expected benefits from the SUSO 3 Acquisition, the failure of the REIT to satisfy the conditions of the Public Offering or Private Placement or otherwise close the Public Offering or Private Placement and changes in securities or other laws or regulations or the application thereof. The cautionary statements qualify all forward-looking statements attributable to the REIT and persons acting on its behalf. The assumptions made in making forward-looking statements are referred to in the public filings of the REIT or SUSO 3, as applicable. The assumptions made in making forward-looking statements in this press release also include the assumption that the REIT or SUSO 3, as applicable, will be in a position to satisfy the conditions in respect of the SUSO 3 Acquisition, the Public Offering and the Private Placement and complete those transactions.

Unless otherwise stated, all forward-looking statements speak only as of the date of this press release. Except as required by applicable law, the REIT and SUSO 3 specifically disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. Additional information about these assumptions and risks and uncertainties is contained in the filings of the REIT or SUSO 3, as applicable with securities regulators, including its latest financial statements and management information circular, copies of which may be obtained on the SEDAR website at www.sedar.com.