/NOT FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, Nov. 19, 2012 /CNW/ - Slate U.S. Opportunity (No. 2) Realty
Trust (the "Trust") announced today that it has completed its initial
public offering of class A units (the "Class A Units"), class F units
(the "Class F Units") and class U units (the "Class U Units" and,
collectively with the Class A Units and the Class F Units, the "Units")
at a price of C$10.00 per Class A Unit and Class F Unit and U.S.$10.00
per Class U Unit (the "Offering"). The Offering raised total gross
proceeds of approximately U.S.$50,000,000. The Units are qualified
investments for Trusts governed by an RRSP, RESP, RRIF, deferred profit
sharing plan, registered disability savings plan or a TFSA.
Contemporaneously with the closing of the Offering, the Trust also
issued 100,000 Class I Units on a private placement basis to Queen's
Court Advisors Ltd. ("Queen's Court") (an affiliate of Slate Properties
Inc.) at a purchase price of U.S.$10.00 per Class I Unit for gross
proceeds of U.S.$1,000,000. Following closing of the private placement
and the Offering, Queen's Court will hold 100% of the outstanding Class
The investment objectives of the Trust are to: (a) indirectly acquire,
own and lease a portfolio of diversified revenue-producing commercial
real estate properties in the U.S. with a focus on anchored retail
properties; (b) make quarterly distributions commencing upon the
earlier of (i) the end of the fiscal quarter in which the Investable
Funds (as defined in the Prospectus) are substantially invested and
(ii) September 30, 2013; and (c) enhance the potential for long-term
growth of capital through value-added enhancements to the properties
owned indirectly by the Trust and organic growth in rental rates,
combined with an overall reduction in capitalization rates.
The syndicate of agents for the Offering was led by CIBC and RBC
Dominion Securities Inc. and includes GMP Securities L.P., BMO Nesbitt
Burns Inc., Scotiabank, Raymond James Ltd., Macquarie Private Wealth
Inc., National Bank Financial Inc., Canaccord Genuity Corp. and Dundee
Slate Properties Inc. ("Slate") is the promoter of the Trust by reason
of its initiative in organizing the business of the Trust and taking
the steps necessary for the public distribution of the Units. In
addition, Slate will be the manager of the Trust.
Slate is a Toronto-based commercial real estate investor and asset
manager. Slate's founding partners have significant experience managing
complex real estate transactions in domestic and international markets.
Since 2005, the company has acquired 44 commercial real estate assets
across North America with a total value of approximately C$1 billion.
Slate's in-house team of asset management professionals have over 80
years of combined experience. The company manages and co-invests in
Slate U.S. Opportunity (No. 1) Realty Trust as well as a closed-end
fund of U.S. retail assets.
This news release, does not constitute an offer of securities, and is
not for distribution or dissemination outside Canada. This offering is
only made by prospectus, only to Canadian residents, and only as
permitted by law. This news release contains forward-looking
information, and actual future results may differ from the
Corporation's objectives. The risks, uncertainties and other factors
that could influence actual results are described in the prospectus,
which contains important detailed information about the securities
being offered, and which investors should read before making an
SOURCE: SLATE PROPERTIES INC.
For further information:
or to obtain a copy of the early warning reports to be filed by Queen's Court in connection with their acquisition of Class I Units contact: Blair Welch (416) 644-4267 or Brady Welch (416) 644-4263