pcNewsWire – Slate Retail REIT (TSX: SRT.U, SRT.UN) has closed previously announced public offering of 5,071,500 class U units at CDN $14.75 or US $11.00 per unit for approximately CDN $74.8 million, and private placement of 170,000 class U units to Slate Asset Management L.P., for C$2.5 million, resulted in total gross proceeds of approximately C$77.3 million.
The public offering was conducted on a bought deal basis by a syndicate of underwriters led by CIBC Capital Markets, BMO Capital Markets and GMP Securities.
Proceeds will initially be used to reduce outstanding indebtedness under the REIT’s credit facilities (which may be subsequently redrawn and applied as needed to fund future acquisitions and for general trust purposes).
News Release
May 31, 2017
Slate Retail REIT Closes C$74.8 Million Public Offering and C$2.5 Million Private Placement
TORONTO, ON – Slate Retail REIT (TSX: SRT.U) (TSX: SRT.UN) (the “REIT”), an owner and operator of U.S. grocery-anchored real estate, announced today the closing of its previously announced public offering of 5,071,500 class U units of the REIT (“Units”) at a price of C$14.75 per Unit or US$11.00 per Unit (the “Offering Price”) for gross proceeds of approximately C$74.8 million (the “Public Offering”). The Public Offering was conducted on a bought deal basis by a syndicate of underwriters (the “Underwriters”) led by CIBC Capital Markets, BMO Capital Markets and GMP Securities. The 5,071,500 Units include 661,500 class U trust units of the REIT which were issued and sold to the Underwriters upon the exercise in full of the over-allotment option that had been granted to the Underwriters by the REIT.
The Public Offering, combined with the previously announced private placement of 170,000 class U units of the REIT to Slate Asset Management L.P., the REIT’s manager, at the Offering Price (the “Private Placement”) for gross proceeds of approximately C$2.5 million which also closed today, resulted in total gross proceeds of approximately C$77.3 million.
Proceeds of the Public Offering and Private Placement will initially be used to reduce outstanding indebtedness under the REIT’s credit facilities (which may be subsequently redrawn and applied as needed to fund future acquisitions and for general trust purposes).
About Slate Retail REIT (TSX: SRT.U / SRT.UN)
Slate Retail REIT is a real estate investment trust focused on U.S. grocery-anchored real estate. The REIT owns and operates over US$1 billion of assets located across the top 50 U.S. metro markets that are visited regularly by consumers for their everyday needs. The REIT’s conservative payout ratio, together with its diversified portfolio and quality tenant covenants, provides a strong basis to continue to grow unitholder distributions and the flexibility to capitalize on opportunities that drive value appreciation. Visit www.slateretailreit.comto learn more about the REIT.
About Slate Asset Management L.P.
Slate Asset Management L.P. is a leading real estate investment platform with over C$4.0 billion in assets under management. Slate is a value-oriented manager and a significant sponsor of all of its private and publicly-traded investment vehicles, which are tailored to the unique goals and objectives of its investors. The firm’s careful and selective investment approach creates long-term value with an emphasis on capital preservation and outsized returns. Slate is supported by exceptional people, flexible capital and a proven ability to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more.
For Further Information
Investor Relations
Slate Retail REIT
+1 416 644 4264
ir@slateam.com
SOURCE: Slate Retail REIT
