Slate Office REIT’s Unitholders Approve Proposed Acquisition of Seven Asset Portfolio for $191.4 Million
TORONTO, ON – Slate Office REIT (TSX: SOT.UN) (the “REIT”), announced today that, its previously announced agreement to acquire seven properties located in the Greater Toronto Area and Atlantic Canada (the “Acquisition Properties”), was approved by its unitholders at a special meeting of unitholders of the REIT held earlier today (the “Unitholder Meeting”).
The REIT will acquire the Acquisition Properties for $191.4 million representing $192 per square foot. The purchase price will be partially satisfied from the proceeds of the sale of subscription receipts for gross proceeds of approximately $103.5 million, which was completed on January 26, 2018.
The purchase of the Acquisition Properties is expected to close by the end of March 2018.
Final voting results from the Unitholder Meeting will be filed with the Canadian securities regulatory authorities and will be available on the REIT’s SEDAR profile at www.sedar.com.
Certain information herein constitutes “forward-looking information” as defined under Canadian securities laws which reflect management’s expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance, business prospects and opportunities of the REIT. The words “plans”, “expects”, “does not expect”, “scheduled”, “estimates”, “intends”, “anticipates”, “does not anticipate”, “projects”, “believes”, or variations of such words and phrases or statements to the effect that certain actions, events or results “may”, “will”, “could”, “would”, “might”, “occur”, “be achieved”, or “continue” and similar expressions identify forward-looking statements. Some of the specific forward-looking statements contained herein include, but are not limited to statements with respect to the following: the date on which the closing of the Acquisition Properties is expected to occur. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that the transactions contemplated herein are completed. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management as of the date hereof, are inherently subject to significant business, economic and competitive uncertainties and contingencies. When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. A number of factors could cause actual results to differ, possibly materially, from the results discussed in the forward-looking statements. Additional information about risks and uncertainties is contained in the filings of the REIT with securities regulators, including the REIT’s annual information form dated February 28, 2018.
About Slate Office REIT (TSX: SOT.UN)
Slate Office REIT is an open-ended real estate investment trust. The REIT's portfolio currently comprises 38 strategic and well-located real estate assets located primarily across Noth America's major population centres. 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 L.P.
Slate Asset Management L.P. is a leading real estate investment platform with over $4.5 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 proven ability to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more.
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Slate Office REIT
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