Slate U.S. Opportunity (No. 1) Realty Trust Provides Update on Recent Acquisition Activity
/NOT FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, July 17, 2012 /CNW/ - Slate U.S. Opportunity (No. 1) Realty Trust (the "Trust") announced today that it has completed the acquisition of two grocery-anchored retail properties.
Errol Plaza in Apopka (Greater Orlando), Florida was purchased for U.S.$6,125,000 (U.S.$86 PSF) at approximately an 8.25% going-in cap rate. The asset is 96% occupied, anchored by a recently renovated Winn Dixie.
Highland Square in Crossville, Tennessee was purchased for U.S.$12,250,000 (U.S.$68 PSF) at approximately an 8.5% going-in cap rate. The asset is 94% occupied, anchored by Kroger, and includes Tractor Supply Co., Dunham's Sporting Goods, and Goody's as junior anchors.
The above assets represent the Trust's first acquisitions since completing its initial public offering in April 2012. The Trust was established for the primary purpose of indirectly acquiring, owning and leasing a portfolio of diversified revenue-producing commercial real estate properties in the U.S. with a focus on anchored retail properties. Slate Properties Inc. ("Slate") is the trust Manager.
About Slate: Slate is a Toronto-based commercial real estate investor and asset manager. Slate's founding partners have significant experience managing complex real estate transactions in domestic and international markets. Since 2005, the company has acquired, owned and disposed of over C$900 million worth of commercial real estate. Slate's in-house team of asset management professionals have over 75 years of combined experience.For further information:
Blair Welch, Partner, Tel: (416) 644-4267 or Brady Welch, Partner, Tel: (416) 644-4263.