Slate Office REIT Completes $56.2 Million of Property Dispositions, Increases Interest in St John’s Co-Owned Portfolio and Repays Debt
TORONTO, December 22, 2015 – Slate Office REIT (TSX: SOT.UN) (the “REIT”), a leading owner of office properties in Canada, announced today that it has completed the previously announced disposition of 12 industrial and 3 retail properties for gross proceeds of $56.2 million. The REIT is also increasing its interest in three office properties in St John’s, Newfoundland (the “Co-owned Portfolio”), from 10% to 30%, with an additional investment of approximately $28 million. The remaining proceeds from the property dispositions, net of transaction costs, are being used to repay debt.
“We continue to execute on our strategy to recycle capital to our core office holdings and strengthen our balance sheet,” said Scott Antoniak, the REIT’s Chief Executive Officer. “We are pleased that we were able to increase our investment in our existing Atlantic Canada property interests ahead of schedule, repay debt, and further enhance the quality of REIT’s s office property portfolio.”
The Co-owned Portfolio comprises three of Atlantic Canada’s highest-quality commercial buildings, located in St. John’s, Newfoundland.
About Slate Office REIT (TSX: SOT.UN)
Slate Office REIT is an open-ended real estate investment trust. The REIT's portfolio currently comprises 33 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. Slate Management Corporation, a wholly-owned subsidiary of Slate Asset Management L.P., is the REIT’s manager. Visit slateam.com/SOT to learn more about the REIT.
About Slate Asset Management L.P.
Slate Asset Management L.P. is a leading real estate investment platform with over $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. Visit slateam.com to learn more about Slate Asset Management L.P.
For Further Information
Chief Executive Officer
Slate Office REIT
+1 416 583 1764
Chief Financial Officer
Slate Office REIT
+1 416 583 1784
Vice President, Investor Relations
Slate Asset Management L.P.
+1 416 619 4284