TORONTO, Oct. 8, 2014 /CNW/ - Slate Retail REIT (the "REIT") (TSX: SRT.U/SRT.UN) today announced that it has entered into a binding agreements to purchase two grocery-anchored shopping centers.
Oakland Commons is a 73,705 square foot property located in Bloomington, Illinois and will be acquired for U.S.$8.2 million (U.S.$111 per square foot). The 100% occupied property is anchored by Jewel-Osco, a subsidiary of Albertsons LLC.
Forest Plaza is a 123,028 square foot property located in Fond du Lac, Wisconsin and will be acquired for U.S.$16.85 million (U.S.$137 per square foot). The 100% occupied property is anchored by Pick 'n Save, a subsidiary of Roundy's Supermarkets, Inc. (NYSE: RNDY).
Both acquisitions are expected to be completed in fourth quarter 2014 and remain 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 over 30 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