Slate Asset Management L.P. and Slate Management ULC Increase Ownership Position in Slate Office REIT to Over 10%

TORONTO--(BUSINESS WIRE)--Slate Asset Management L.P. and Slate Management ULC (collectively, “Slate”) announced today that it has acquired ownership and control over 95,000 trust units (“Units”, and each is a “Unit”) of Slate Office REIT (the “REIT”) on September 12, 2023, pursuant to purchases made through the facilities of the Toronto Stock Exchange at an average price of $1.6057 per Unit, for an aggregate purchase price of $152,542 (the “Acquisition”).

Prior to the Acquisition, Slate owned and exercised control over (i) 3,195,651 Units, (ii) 2,977,132 Class B limited partnership units (the “Office I LP Units”) of Slate Office I L.P., a wholly-owned subsidiary of the REIT, and (iii) 2,308,028 Class B limited partnership units (the “Office II LP Units”, and together with the Office I LP Units, the “Exchangeable Units”) of Slate Office II L.P., a wholly-owned subsidiary of the REIT. Each Exchangeable Unit is accompanied by a special voting unit of the REIT, which special voting units only remain outstanding with the Exchangeable Units. Each of the Exchangeable Units is redeemable for Units on a one-for-one basis in certain circumstances in accordance with their respective terms. Slate owns and controls all of the Exchangeable Units and the accompanying special voting units.

The Units and Exchangeable Units (collectively, the “REIT Securities”) owned and controlled by Slate immediately prior to the Acquisition represented an aggregate of approximately 9.90% of the then-outstanding Units (assuming such outstanding Units include Units issued in exchange for the Exchangeable Units).

Immediately following the Acquisition, Slate owns and exercises control over (i) 3,290,651 Units, (ii) 2,977,132 Office I LP Units, and (ii) 2,308,028 Office II LP Units, as well as the special voting units which accompany each Exchangeable Unit. The REIT Securities owned and controlled by Slate immediately following the Acquisition represent an aggregate of approximately 10.01% of the outstanding Units, resulting in an increased ownership of approximately 0.11% of the outstanding Units (in each case, assuming such outstanding Units include Units issued in exchange for the Exchangeable Units).

The acquisition of the Units by Slate was undertaken for investment purposes. Slate intends to review its investment on a continuing basis. Depending on various factors, Slate may in the future purchase or sell securities or engage in other activities relating to the REIT.

In accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, Slate will file an early warning report regarding the Acquisition on the System for Electronic Data Analysis and Retrieval + (SEDAR+) at www.sedarplus.ca under the REIT’s issuer profile. Copies of the related early warning report may be obtained at www.sedarplus.ca under the REIT’s issuer profile or from Slate by contacting Paula Campbell at [phone]. The head office of Slate is located at 121 King Street West, Suite 200, Toronto, Ontario, M5H 3T9.

The head office of the REIT is located 121 King Street West, Suite 200, Toronto, Ontario, M5H 3T9.

About Slate

Slate is a global alternative investment platform targeting real assets. We focus on fundamentals with the objective of creating long-term value for our investors and partners. Slate’s platform has a range of real estate and infrastructure investment strategies, including opportunistic, value add, core plus and debt investments. We are supported by exceptional people and flexible capital, which enable us to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more.