/NOT FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, April 25, 2013 /CNW/ - Slate U.S. Opportunity (No. 2) Realty Trust (the "Trust") announced today that it has entered into binding agreements to acquire two Winn-Dixie anchored retail centers in Northwest Florida. 98 Palms in Destin will be acquired for U.S.$11,000,000 (U.S.$130 PSF) at an approximate 8.9% going-in cap rate. The 84,682 square foot property is 100% occupied. Uptown Station in Fort Walton Beach will be acquired for U.S.$33,000,000 (U.S.$110 PSF) at an approximate 8.0% going-in cap rate. The 300,124 square foot property is 90% occupied. Both transactions are expected to close in second quarter 2013 and both remain 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 over 50 commercial real estate assets across North America with a total value of approximately C$1.1 billion. Slate's in-house team of asset management professionals have over 80 years of combined experience. The company manages and co-invests in the Trust, Slate U.S. Opportunity (No. 1) Realty Trust, and a closed-end fund of U.S. retail assets.
SOURCE: SLATE PROPERTIES INC.
For further information:
Blair Welch, Partner, Tel: (416) 644-4267 or Brady Welch, Partner, Tel: (416) 644-4263