Slate Office REIT Announces Opportunistic Transaction Providing Capital For Future Acquisitions
TORONTO--(BUSINESS WIRE)--Dec 30, 2019--
Slate Office REIT (TSX: SOT.UN) (the “REIT”) announced today that it has entered into an agreement to sell 4211 Yonge Street in Toronto, Ontario for $63.0 million (1). This transaction was completed at a significant premium to the REIT’s purchase price and IFRS value. The REIT expects to reinvest the net proceeds into new investment opportunities that will strengthen the quality of the REIT’s portfolio and create incremental value for unitholders.
“The REIT has a robust acquisition pipeline in place and this transaction provides the REIT with additional capital to deploy into acquisition opportunities in 2020,” said Scott Antoniak, the REIT’s Chief Executive Officer. “While the REIT was not looking to dispose of 4211 Yonge Street, being able to achieve a 3.7% cap rate presented an exceptional opportunity to crystallize value for unitholders.”
(1) Value reflected at 100%. Slate Office REIT owns 75% of the asset.
About Slate Office REIT (TSX: SOT.UN)
Slate Office REIT is an open-ended real estate investment trust. The REIT’s portfolio comprises 37 strategic and well located real estate assets located primarily across Canada’s major population centres and includes two downtown assets in Chicago, Illinois. The REIT is focused on maximizing value through internal organic rental and occupancy growth and strategic acquisitions. Visit slateofficereit.com to learn more.
About Slate Asset Management
Slate Asset Management is a leading real estate focused alternative investment platform with over $6 billion in assets under management. Slate is a value-oriented manager and a significant sponsor of all of 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 demonstrated ability to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more.
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CONTACT: Investor Relations
+1 416 644 4264
KEYWORD: NORTH AMERICA CANADA
INDUSTRY KEYWORD: RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY REIT
SOURCE: Slate Office REIT
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PUB: 12/30/2019 06:39 PM/DISC: 12/30/2019 06:39 PM