Slate U.S. Opportunity (No. 1) Realty Trust Provides Update on Recent Acquisition Activity
/NOT FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, Oct. 2, 2012 /CNW/ - Slate U.S. Opportunity (No. 1) Realty Trust (the "Trust") announced today that it has completed the acquisition of an anchored retail asset in Mount Pleasant, Pennsylvania (Greater Pittsburgh).
Summit Ridge Shopping Center was purchased for U.S.$20,000,000 (U.S.$88 PSF) at an approximate 8.1% going-in cap rate. The asset is 100% occupied, anchored by a Walmart Supercenter that features a full-service grocery store, among other offerings.
To date, the Trust has acquired seven 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 43 commercial real estate assets across North America with a total value of approximately $1 billion. Slate's in-house team of asset management professionals have over 80 years of combined experience.
SOURCE: Slate Properties Inc.For further information:
Blair Welch, Partner, Tel: (416) 644-4267 or Brady Welch, Partner, Tel: (416) 644-4263.