/NOT FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, July 18, 2013 /CNW/ - Slate U.S. Opportunity (No. 2) Realty Trust (the "Trust") announced today that it has entered into binding agreements to acquire two grocery-anchored retail centers in Minnesota. Phalen Retail Center in St. Paul will be acquired for U.S.$10,200,000 (U.S.$138 PSF) at an approximate 7.8% going-in cap rate. The 73,678 square foot property is 99% occupied and anchored by a Cub Foods grocery store. East Brained Mall in East Brainerd will be acquired for U.S.$19,100,000 (U.S.$100 PSF) at an approximate 8.4% going-in cap rate. The 191,639 square foot property is 92% occupied and anchored by a Cub Foods grocery store. Both transactions are expected to close in third 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 nearly two decades of experience in the industry managing complex real estate transactions in domestic and international markets. Since 2005, the company has acquired over C$2.2 billion of commercial real estate assets across North America. The company currently co-invests and manages various investment vehicles, including Slate U.S. Opportunity (No. 1) Realty Trust, Slate U.S. Opportunity (No. 2) Realty Trust, and a closed-end private fund focused on U.S. retail assets, in addition to the company's co-investments and management of Canadian office properties with domestic institutional equity groups.
SOURCE: SLATE PROPERTIES INC.
For further information:
Blair Welch, Partner, Tel: (416) 644-4267 or Brady Welch, Partner, Tel: (416) 644-4263.