Subcore Equities Inc. Announces Acquisition of Units of FAM Real Estate Investment Trust

TORONTO, ONTARIO--(Marketwired - Dec. 18, 2014) - This press release is being disseminated by Subcore Equities Inc. ("Subcore"), 77 King Street West, Suite 400, Toronto, ON, M5K 0A1, as required by National Instrument 62‐103 The Early Warning System and Related Take Over Bids and Insider Reporting Issues in connection with the filing of an early warning report (the "Early Warning Report") regarding the acquisition of units (the "Units") of FAM Real Estate Investment Trust ("FAM"), 200 Front Street Suite 2400 Toronto, Ontario M5V 3K2.

Subcore announces that it acquired ownership and control of 2,794,363 Units which represents approximately 13.08% of the issued and outstanding Units (the "Transaction").

Immediately following the completion of the Transaction, Subcore alone owned and controlled 2,794,363 Units which represents approximately 13.08% of the issued and outstanding Units.

The Transaction was completed in a private transaction pursuant to an agreement (the "Subcore Agreement") made as of December 17, 2014 between Subcore, Slate Toronto Core Office Inc. ("Slate Core") and Slate GTA Suburban Office Inc. ("Slate Suburban", and together with Slate Core, "Slate").

Pursuant to the Subcore Agreement, Subcore acquired the 2,794,363 Units from Slate in consideration for the purchase for cancellation by Slate Suburban of a promissory note of Slate Suburban in the aggregate principal sum of CDN $20,203,244.49 held by Subcore (or CDN $7.23 per Unit) (the "Promissory Note"). The Promissory Note was issued to Subcore by Slate Suburban in satisfaction of certain rights of Subcore relating to a certain portfolio of properties owned by Slate Suburban, which was sold on December 17, 2014 to FAM II Limited Partnership (FAM II LP), an affiliate of FAM, pursuant to a purchase agreement dated October 29, 2014 between Slate Suburban, FAM II LP (as assignee of FAM Management Limited Partnership) and FAM.

Subcore has no present future intention to acquire ownership of, or control over, additional securities of FAM. However, Subcore will review its holdings in FAM from time to time and may increase or decrease its holdings as future circumstances may dictate.

A copy of the Early Warning Report may be found on www.sedar.com.