Slate Retail REIT Announces Closing of C$53.6 Million Bought Deal Equity Offering and C$10.0 Million Private Placement

TORONTO, March 19, 2015 /CNW/ - Slate Retail REIT (the "REIT") (TSX: SRT.U/SRT.UN) today announced the closing (the "Closing") of its previously announced public offering of 4,125,000 class U trust units of the REIT (the "Units"), at a price of C$13.00 per Unit (US$10.47) for gross proceeds of approximately C$53.6 million (the "Public Offering"). The Units include 275,000 class U trust units of the REIT which were issued and sold to the underwriters of the Public Offering upon the partial exercise of the over-allotment option. The Public Offering was conducted on a bought deal basis by a syndicate of underwriters led by joint-bookrunners CIBC World Markets Inc. and GMP Securities LP, and including BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., National Bank Financial Inc., Raymond James Ltd., Scotia Capital Inc. and TD Securities Inc.

The Public Offering, combined with the previously announced Private Placement of C$10 million which also closed today, resulted in total gross proceeds of C$63.6 million.

The REIT intends to use the net proceeds from the Public Offering and Private Placement to repay a portion of the amounts drawn under its secured revolving credit facility which amounts were used to fund previous acquisitions.

Slate Asset Management LP is the REIT's manager.

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. www.slateretailreit.com.

About Slate

Slate Asset Management LP is a leading real estate investment platform with over $2.5 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.

Cautionary Statements Regarding Forward-Looking Statements

This press release contains forward-looking statements with respect to the REIT and its operations, strategy, financial performance and financial condition, as well as with respect to the previously disclosed acquisitions and future acquisitions of properties. These statements generally can be identified by the use of forward-looking word "intend". The actual results and performance of the REIT and the acquisitions discussed herein could differ materially from those expressed or implied by such statements. Accordingly, readers should not place undue reliance on forward-looking statements. These cautionary statements qualify all forward-looking statements attributable to the REIT and persons acting on its behalf. See the risk factors in the public filings of the REIT. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition and changes in securities or other laws or regulations or the application thereof. The cautionary statements qualify all forward-looking statements attributable to the REIT and persons acting on its behalf. The assumptions made in making forward-looking statements are referred to in the public filings of the REIT.

Unless otherwise stated, all forward-looking statements speak only as of the date of this press release. Except as required by applicable law, the REIT specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. Additional information about these assumptions and risks and uncertainties is contained in the REIT's filings with securities regulators, including its latest financial statements and management information circular, copies of which may be obtained on the SEDAR website at www.sedar.com.

SOURCE Slate Retail REIT

For further information:

Blair Welch
Chief Executive Officer
416 644 4267

Brady Welch
Chief Financial Officer
416 644 4263

Organization Profile

Slate Retail REIT

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