TORONTO, June 23, 2014 /CNW/ - Slate Retail REIT (TSX: SRT.U / SRT.UN) ("Slate Retail" the "REIT") today announced that it has entered into a binding agreement to purchase North Summit Square, a 99% occupied, 224,530 square foot grocery-anchored shopping center in Winston-Salem, North Carolina for U.S.$15,800,000 (U.S.$70 per square foot). The property is anchored by Sam's Club.
"We are very excited to announce our first acquisition since listing on the TSX," said Blair Welch, Chief Executive Officer of Slate Retail. "We see several further opportunities to make accretive acquisitions of grocery-anchored centres in attractive markets and will continue to capitalize on these to grow our portfolio and deliver value to our unitholders."
The acquisition is expected to be completed in third quarter 2014 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 29 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:
Chief Executive Officer
416 644 4267
Chief Financial Officer
416 644 4263