Slate Office REIT Announces Acquisition of Commerce West in the Greater Toronto Area
TORONTO, ON – Slate Office REIT (TSX: SOT.UN) (the "REIT"), a leading owner of office properties in Canada, announced today that it has agreed to acquire a suburban office complex, located at 401 – 405 The West Mall, in Etobicoke, Ontario (“Commerce West”) for an aggregate purchase price of $95 million ($231 per square foot). The transaction remains subject to lender consent to a loan assumption and other customary closing conditions.
“The acquisition of Commerce West provides significant synergies with our recently announced acquisition of West Metro Corporate Centre,” said Scott Antoniak, the REIT’s Chief Executive Officer. “Together with West Metro Corporate Centre and 1 Eva Road, we have established Slate Office REIT as a premier landlord along the 427 Corridor.”
Commerce West Highlights
- Two mid-rise office towers that are connected through a single story commercial corridor.
- 411,842 square foot, Class A suburban office complex located in Etobicoke, Ontario.
- 87.2% occupied with a weighted average lease term of 4.2 years.
- Prominent corner location with excellent highway visibility and connectivity to the 427 Corridor.
- High quality tenants with in-place rents that are ~12% below market.
About Slate Office REIT (TSX: SOT.UN)
Slate Office REIT is an open-ended real estate investment trust. The REIT's portfolio currently comprises 35 strategic and well-located real estate assets located primarily across Canada'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 approximately $4.0 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.
For Further Information
Slate Office REIT
+1 416 644 4264