TORONTO--(BUSINESS WIRE)--Slate Office REIT (TSX: SOT.UN) (the "REIT") announced today that it has entered into definitive agreements to sell Centennial Centre and Meadowpine Corporate Centre in the Greater Toronto Area for an aggregate sale price of $44.1 million. The REIT will use the net proceeds to reduce outstanding debt and expects these transactions to close in the fourth quarter of 2018.
“Both dispositions reaffirm the REIT’s commitment to the capital recycling program,” said Scott Antoniak, the REIT’s Chief Executive Officer. “Heading into 2019, the team is pursuing similar opportunities to reduce outstanding debt and create liquidity for future investments.”
The sale of these two assets will occur at a 6% premium to their aggregate IFRS value at June 30, 2018. In total, the REIT, in support of its capital recycling program, will have disposed of 6 properties in 2018, for aggregate gross proceeds of $79.1 million.
About Slate Office REIT (TSX: SOT.UN)
Slate Office REIT is an open-ended real estate investment trust. The REIT's portfolio comprises 43 strategic and well-located real estate assets located primarily across Canada's major population centres including two downtown assets in Chicago, Illinois. The REIT is focused on maximizing value through internal organic rental and occupancy growth and strategic acquisitions. Visit slateofficereit.com to learn more.
About Slate Asset Management L.P.
Slate Asset Management L.P. is a leading real estate investment platform with over $6 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.