/NOT FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, Aug. 24, 2012 /CNW/ - Slate U.S. Opportunity (No. 1) Realty Trust (the "Trust") announced today that it has entered into a binding agreement to purchase Summit Ridge, a 227,733 square foot Walmart-anchored retail centre in Mount Pleasant, Pennsylvania (Greater Pittsburgh) for U.S.$20,000,000 (U.S.$88 PSF) at an approximately 8.1% going-in cap rate. The asset is 100% occupied. The acquisition is expected to be completed in September 2012 and remains subject to customary closing conditions. Slate Properties Inc. ("Slate") is the Trust manager.
About Slate: 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, owned and disposed of over C$950 million worth of commercial real estate. Slate's in-house team of asset management professionals have over 75 years of combined experience.
SOURCE: Slate U.S. Opportunity (No. 1) Realty Trust
For further information:
Blair Welch, Partner, Tel: (416) 644-4267 or Brady Welch, Partner, Tel: (416) 644-4263