Slate to acquire Cominar’s no-Quebec and Ottawa properties for $1.14B

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By Ted Liu

Slate Acquisitions Inc. on behalf of The Slate Canadian Real Estate Opportunity Fund I, has agreed to purchase a portfolio of real estate assets from Cominar Real Estate Investment Trust (TSX: CUF.UN) for $1.14 billion.

The portfolio includes 97 properties totaling 6.2 million square feet comprised of office, retail and industrial properties located in the Greater Toronto Area, Atlantic Canada and Western Canada.

Closing is expected to be completed in the first quarter of 2018 and remains subject to customary closing conditions.

The Slate Canadian Real Estate Opportunity Fund I is a closed-end private equity vehicle managed by Slate Asset Management L.P. with a strategy to acquire commercial real estate through complex portfolio acquisitions, cyclical investing and/or asset repositioning opportunities.

Slate Asset Management L.P. is a real estate investment platform with over $4.5 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.

photo credit: Cominar