Slate U.S. Opportunity (No. 1) Realty Trust Provides Update on Recent Acquisition Activity
/NOT FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, Aug. 15, 2012 /CNW/ - Slate U.S. Opportunity (No. 1) Realty Trust (the "Trust") announced today that it has completed the acquisition of two retail assets.
St. Elmo Central in Chattanooga, Tennessee was purchased for U.S.$6,100,000 (U.S.$81 PSF) at an approximately 10.3% going-in cap rate. The asset is 100% occupied, anchored by BI-LO, and includes CVS Pharmacy and Family Dollar as junior anchors.
Concord Food Lion is a freestanding grocery store within Charlotte, NC, and was purchased for U.S.$2,150,000 (U.S. $52 PSF) at an approximately 9.1% going-in cap rate.
To date, the Trust has acquired four assets 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$950 million worth of commercial real estate. Slate's in-house team of asset management professionals have over 75 years of combined experience.
SOURCE: Slate U.S. Opportunity (No. 1) Realty TrustFor further information:
Blair Welch, Partner, Tel: (416) 644-4267 or Brady Welch, Partner, Tel: (416) 644-4263.