TORONTO, June 22, 2015 /CNW/ - Slate Retail REIT (the "REIT") (TSX: SRT.U / SRT.UN) today announced that it has entered into a binding agreement to acquire two Publix-anchored shopping centres in Georgia. Both assets are in the Atlanta metropolitan area.
Shoppes at Birmingham in Milton is 79% occupied and will be acquired for U.S.$10.08 million (U.S.$122 per square foot) and Shoppes at Locust Grove in Locust Grove is 71% occupied and will be acquired for U.S.$9.43 million (U.S.$105 per square foot).
The REIT views both properties as unique opportunities in which management's expertise in leasing and operations can be applied in order to generate significant value. The anchor tenant at both properties, Publix, is among the leading grocers in the state of Georgia by market share and has demonstrated strong sales performance at both of the above-mentioned locations.
The acquisition is expected to be completed in third quarter 2015 and remains subject to customary closing conditions.
Slate Asset Management L.P. ("Slate") 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 58 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. Visit slateam.com/SRT to learn more.
About Slate Asset Management
Slate Asset Management L.P. 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. Visit slateam.com to learn more.
SOURCE Slate Retail REIT
For further information: Blair Welch, Partner and Co-Founder, Slate Asset Management L.P., +1 416 644 4267, [email protected]; Brady Welch, Partner and Co-Founder, Slate Asset Management L.P., +1 416 644 4263, [email protected]