TORONTO, July 29, 2015 /CNW/ - Slate Retail REIT (the "REIT") (TSX: SRT.U / SRT.UN) today announced that it has entered into a binding agreement to acquire Meres Town Center in Tarpon Springs, within the Tampa-St. Petersburg-Clearwater Metropolitan Statistical Area.
The property is 97% occupied and anchored by a Winn-Dixie grocery store. It will be acquired for U.S.$7.6 million (U.S.$161 per square foot). The acquisition is expected to be completed in third quarter 2015 and remains subject to customary closing conditions.
Slate Asset Management L.P. ("Slate") is the REIT's manager.
About Slate Retail REIT
Slate Retail REIT is an open-ended real estate investment trust focused on U.S. grocery-anchored real estate. The REIT's portfolio includes 61 properties located primarily across the top 50 U.S. metro markets. The REIT is focused on maximizing value through internal organic rental growth and strategic acquisitions. Visit slateam.com/SRT to learn more.
About Slate
Slate Asset Management L.P. is a leading real estate investment platform with $3 billion in assets under management. Slate is a value-oriented company and a significant sponsor of all 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.
SOURCE Slate Retail REIT
Blair Welch, Chief Executive Officer, Slate Retail REIT, Partner & Co-Founder, Slate Asset Management L.P., +1 416 644 4267, blair@slateam.com; Conor McBroom, Vice President, Investor Relations, Slate Asset Management L.P., +1 416 619 4284, conor@slateam.com