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Toronto Investor Combines Three REITS into New U.S Focused Retail REIT

Slate Retail Pursuing Grocery-Anchored Centers
May 7, 2014
Toronto-based Slate Properties has completed the roll up of several of its retail REITs into a new REIT focused on buying U.S. retail assets.

Slate Retail REIT launched last month on the Toronto Stock Exchange as a publicly traded REIT.

The company was formed from a transaction that combined the assets of three existing companies: Slate U.S. Opportunity (No. 1) Realty Trust, Slate U.S. Opportunity (No. 2) Realty Trust, and U.S. Grocery Anchored Retail (1A), (1B) and (1C).

The new company is a pure-play, grocery-anchored REIT with 29 properties across 14 U.S. states, and plans to add more.

Slate Properties Inc., which owns a roughly 10% interest in the new REIT, will continue as the asset manager for the company and its portfolio.

Slate Properties said it believes rolling-up the previous REITs will provide additional liquidity and create a larger entity that may be more appealing to investors because of its expanded markets and tenant diversification.

In the past few weeks, Slate Retail has also been active on the acquisition front. It acquired Mulberry Square in Milford, OH (Cincinnati) for $15.6 million ($106 per square foot). The 146,730-square-foot property is 91% occupied and is anchored by a Kroger grocery store.

It also entered into a binding agreement to purchase Bloomingdale Plaza, a 83,237-square-foot grocery-anchored shopping center in Brandon, FL (Tampa MSA) for $8.8 million ($106 per square foot). The property is anchored by a Winn-Dixie grocery store. The acquisition is expected to be completed in second quarter 2014 and remains subject to customary closing conditions.

It acquired Southgate Crossing in Minot, North Dakota for $29.2 million ($183 per square foot). The 159,780-square-foot property is 100% occupied and is anchored by a Cash Wise grocery store.

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