Slate U.S. Opportunity (No. 2) Realty Trust Provides Update on Recent Acquisition Activity
/NOT FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, Dec. 14, 2012 /CNW/ - Slate U.S. Opportunity (No. 2) Realty Trust (the "Trust") announced today that it has completed the acquisition of a previously disclosed transaction.
Mitchellville Plaza located in Mitchellville, Maryland (Greater Washington, D.C.) was purchased for U.S.$28,350,000 (U.S.$186 PSF) at an approximate 8.8% going-in cap rate. The asset is 90% occupied, anchored by a Food Lion grocery store.
The above transaction represents the Trust's first acquisition since completing its initial public offering in November 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 50 commercial real estate assets across North America with a total value of over C$1 billion. Slate's in-house team of asset management professionals have over 80 years of combined experience. The company manages and co-invests in the Trust, Slate U.S. Opportunity (No. 1) Realty Trust, and a closed-end fund of U.S. retail assets.
SOURCE: SLATE PROPERTIES INC.For further information:
Blair Welch, Partner, Tel: (416) 644-4267 or Brady Welch, Partner, Tel: (416) 644-4263.