TORONTO, March 9, 2015 /CNW/ - Slate Retail REIT (the "REIT") (TSX: SRT.U / SRT.UN) today announced that it has entered into a binding agreement to purchase City Center Plaza, a 97% occupied, 97,670 square foot grocery-anchored shopping centre located in Westland, Michigan for U.S.$12,450,000 million (U.S.$127 per square foot). The property is anchored by Kroger. The acquisition is expected to be completed in second quarter 2015 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 over 40 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.
SOURCE Slate Retail REIT
For further information: Contact, Blair Welch, Chief Executive Officer, 416 644 4267; Brady Welch, Chief Financial Officer, 416 644 4263