Slate U.S. Opportunity (No. 3) Realty Trust to Acquire Retail Asset in Georgia
/NOT FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, May 22, 2014 /CNW/ - Slate U.S. Opportunity (No. 3) Realty Trust (the "Trust") announced today that it has entered into a binding agreement to purchase Merchants Crossing, a 174,059 square foot anchored shopping centre in Newnan, GA (Atlanta MSA) for U.S.$10,214,000 (U.S. $59 PSF) at an approximate 7.6% going-in cap rate. The property is anchored by a Kroger grocery store. The acquisition is expected to be completed in second quarter 2014 and remains subject to customary closing conditions. 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 nearly two decades of experience in the industry managing complex real estate transactions in domestic and international markets. Since 2005, the company has acquired over C$2.4 billion of commercial real estate assets across North America. The company currently co-invests in and manages various investment vehicles, including the Trust and Slate Retail REIT (TSX: SRT.UN/SRT.U), an open-ended investment trust that is listed on the Toronto Stock Exchange. Slate also owns and manages a portfolio of Canadian office properties with domestic institutional equity.
SOURCE Slate Properties Inc.For further information: Blair Welch, Partner, Tel: (416) 644-4267 or Brady Welch, Partner, Tel: (416) 644-4263