Slate Office REIT (TSX: SOT.UN) (“Slate Office”) announced today that it has entered into binding agreements to sell 15 industrial and retail properties in two separate portfolio transactions (collectively, the “Transactions”) for gross proceeds totalling $56.2 million.
Included in the Transactions is a portfolio comprising 12 industrial properties located in Winnipeg, Manitoba totalling 516,495 square feet (the “Manitoba Portfolio”). The Manitoba Portfolio will be sold to an undisclosed purchaser for $47.0 million.
Slate Office has also entered into a binding agreement to sell 3 retail properties in Newfoundland totalling 305,259 square feet (the “Newfoundland Portfolio”) to an undisclosed purchaser for $9.2 million.
The Transactions, which are subject to customary closing conditions, are consistent with Slate Office’s stated strategy and focus on commercial office properties.
Slate Management Corporation, a wholly-owned subsidiary of Slate Asset Management L.P. (“Slate”), is the REIT’s manager.
Description of the Properties
The tables below set out details of each of the properties being sold.
Manitoba Portfolio
| Property Name | Asset Type | Location | Gross Leasable Area (Square Feet) | |||
| 891-895 Century St | Industrial | Winnipeg, MB | 51,841 | |||
| 220 Cree Cres | Industrial | Winnipeg, MB | 18,000 | |||
| 130 Lowson Cres | Industrial | Winnipeg, MB | 25,672 | |||
| 119 & 130 Plymouth S | Industrial | Winnipeg, MB | 43,364 | |||
| 1271 Sargent Ave | Industrial | Winnipeg, MB | 40,893 | |||
| 1855 Sargent Ave | Industrial | Winnipeg, MB | 77,500 | |||
| 1030 & 1040 Empress St | Industrial | Winnipeg, MB | 33,478 | |||
| 1336-1340 Sargent Av | Industrial | Winnipeg, MB | 42,092 | |||
| 1935 Sargent Ave | Industrial | Winnipeg, MB | 113,864 | |||
| 1680 Ellice Ave | Industrial | Winnipeg, MB | 29,843 | |||
| 585 Century St | Industrial | Winnipeg, MB | 9,680 | |||
| 1700 Ellice Ave | Industrial | Winnipeg, MB | 30,268 | |||
| Total Manitoba Portfolio | 516,495 |
Newfoundland Portfolio
| Property | Asset Type | Location | Gross Leasable Area (Square Feet) | |||
| Fraser Mall | Retail | Gander, NL | 98,883 | |||
| Marystown Mall | Retail | Marystown, NL | 91,990 | |||
| Millbrook Mall | Retail | Corner Brook, NL | 114,386 | |||
| Total Newfoundland Portfolio | 305,259 |
About Slate Office REIT
Slate Office REIT is an open-ended real estate investment trust. The REIT’s portfolio currently comprises 48 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 slateam.com/SOT to learn more.
About Slate
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.
For Further Information:
Scott Antoniak
Chief Executive Officer
Slate Office REIT
+1 416 583 1764
scott@slateam.com
or
Conor McBroom
Vice President, Investor Relations
Slate Asset Management L.P.
+1 416 619 4284
conor@slateam.com