Slate Office REIT Completes 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, is pleased to announce the closing of its previously announced acquisition of Commerce West, a suburban office complex, located at 401 – 405 The West Mall, in Etobicoke, Ontario for an aggregate purchase price of $95 million ($231 per square foot).
Commerce West is a 411,842 square foot, Class A suburban office complex located in Etobicoke, Ontario. The complex includes two mid-rise office towers that are connected through a single story commercial corridor. With a prominent Highway 427 location, high quality tenants and in-place rents that are approximately 12% below market, this transaction is in line with the REIT’s acquisition strategy. Collectively, Commerce West and two of the REIT’s existing assets, 1 Eva Road and West Metro, solidify the REIT’s presence as a prominent landlord along the Greater Toronto Area’s 427 Corridor.
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 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 over $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
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