/NOT FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, Nov. 14, 2014 /CNW/ - Slate Asset Management LP ("Slate") and FAM Real Estate Investment Trust (TSX: F.UN) (TSX: F.WT) ("FAM REIT") today announced that Slate has assumed management of FAM REIT following the completion of the acquisition of Huntingdon Capital Corp. ("Huntingdon") by Slate Capital Corporation ("Slate Capital"), a wholly-owned subsidiary of Slate (the "Arrangement"), on November 4, 2014.
In connection with the completion of the Arrangement, the amended and restated management agreement between Huntingdon and FAM REIT, dated as of August 12, 2014, has taken effect.
Messrs. Blair Welch and Brady Welch have assumed the roles of interim Chief Executive Officer and interim Chief Financial Officer of FAM REIT, respectively, and Mr. Brady Welch has assumed the role of Chairman of the Board of Trustees of FAM REIT.
Blair Welch, Partner and Co-Founder of Slate and interim Chief Executive Officer of FAM REIT, said:
"Slate's goal with FAM REIT is to create a leading Canadian real estate platform. We believe significant opportunities exist to increase the portfolio's scale and quality. We are pleased to have this opportunity to apply our comprehensive, hands-on approach to real estate asset management and look forward to working with fellow unitholders in executing our strategy."
Slate Asset Management LP is a leading real estate investment platform with over $2 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.
About FAM Real Estate Investment Trust
FAM Real Estate Investment Trust's portfolio comprises strategic and well-located office, industrial and retail real estate located primarily across Canada's large population centres.
Forward looking information
This press release contains forward‐looking information within the meaning of applicable securities legislation, which reflects FAM REIT's current expectations regarding future events. Forward‐looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond FAM REIT's control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward‐looking information. These risks and uncertainties include, but are not limited to, general and local economic and business conditions; the financial condition of tenants; FAM REIT's ability to refinance maturing debt; FAM REIT's intention with respect to, and ability to execute, its growth strategies; leasing risks, including those associated with the ability to lease vacant space; and interest rate fluctuations. Statements about FAM REIT's objectives and other forward‐looking statements are based on certain assumptions, including that the general economy remains stable, interest rates remain stable, conditions within real estate market remain consistent, competition for acquisitions remains consistent with the current climate and that the capital markets continue to provide ready access to equity and/or debt. All forward‐looking information in this press release speaks as of the date of this press release. FAM REIT does not undertake to update any such forward‐looking information whether as a result of new information, future events or otherwise. Additional information about certain of these assumptions and risks and uncertainties may be contained in FAM REIT's filings with securities regulators, including its latest annual information form and MD&A.
SOURCE: Slate Asset Management LP
For further information: Blair Welch, Partner and Co-Founder, Slate Asset Management, 416 644 4267; Brady Welch, Partner and Co-Founder, Slate Asset Management, 416 644 4263