TORONTO, March 16, 2015 /CNW/ - FAM Real Estate Investment Trust (TSX: F.UN) (TSX: F.WT) announced that its name change to Slate Office REIT ("Slate Office" or the "REIT") takes effect today. The REIT will now trade on the Toronto Stock Exchange under the ticker "SOT.UN."
The name change is another key step in the transformation of the REIT under new management by Slate Asset Management LP ("Slate"). Slate is working with the REIT's new leadership team to reposition Slate Office as a pure play office vehicle. The REIT will focus future growth on high quality, non-core assets, including downtown and suburban office properties.
The first major step of this transformation was completed on December 17, 2014, with the acquisition of 7 office properties in the Greater Toronto Area. Slate Office intends to divest its existing retail and industrial portfolios in a disciplined and orderly fashion to maximize unitholder value.
Since assuming management of the REIT on November 4, 2014, Slate has worked to create an institutional quality investment vehicle that leverages its sophisticated and professional management resources. As one of Canada's most active acquirers of real estate, Slate has a clear window into the property investment market and is an entrepreneurial and responsive operator.
As the REIT's single largest unitholder, with an approximate 34% ownership interest, Slate is aligned with fellow investors and highly motivated to increase the value of the portfolio and provide stable, reliable and growing returns.
As a result of the name change, Slate Office REIT warrants will now trade under the symbol "SOT.WT" on the Toronto Stock Exchange.
About Slate Office REIT
Slate Office REIT is an open-ended real estate investment trust. The REIT's portfolio comprises 35 strategic and well-located real estate assets located primarily across Canada's major population centres. The REIT is focused on maximizing value through internal organic rental and occupancy growth and strategic acquisitions. More information is available at www.slateofficereit.com.
About Slate Asset Management LP
Slate Asset Management LP is a leading real estate investment platform with over $2.3 billion in assets under management. Slate is a value-oriented company and a significant sponsor of all its private and publicly-traded investment vehicles, which are tailored to the unique goals and objectives of its investors. The firm's careful and selective investment approach creates long term value with an emphasis on capital preservation and outsized returns. Slate is supported by exceptional people, flexible capital and a proven ability to originate and execute on a wide range of compelling investment opportunities. More information is available at www.slateam.com.
SOURCE FAM Real Estate Investment Trust
For further information: Scott Antoniak, Chief Executive Officer, 416 583 1764 ; Brian Moncik, Chief Financial Officer, 416 583 1763