Slate Retail REIT Announces Acquisition of Shopping Center in Cary, North Carolina
TORONTO, Aug. 11, 2014 /CNW/ - Slate Retail REIT ("Slate Retail" the "REIT") (TSX: SRT.U / SRT.UN) today announced that it has entered into a binding agreement to purchase Wellington Park, a 91% occupied, 102,487 square foot grocery-anchored shopping center in Cary, North Carolina (Raleigh-Cary MSA) for U.S.$15.5 million (U.S.$151 per square foot).
Continuing with its growth momentum, this will be the fourth acquisition by the REIT funded with existing available capital resources. The property is anchored by Lowes Foods which operates over 100 full-service supermarkets in North Carolina, South Carolina and Virginia.
The acquisition is expected to be completed in the third quarter 2014 and remains subject to customary closing conditions.
About Slate Retail REIT
Slate Retail REIT is an open-ended real estate investment trust focused on U.S. grocery-anchored real estate. The REIT's portfolio includes 30 properties located primarily across the top 50 U.S. metro markets. The REIT is focused on maximizing value through internal organic rental growth and strategic acquisitions. For more information, please visit www.slateretailreit.com.
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