Slate Office REIT completes $120M bought deal

Photo of author

By CPE News

Toronto (pcJ News Briefs) – Slate Office REIT (TSX: SOT.UN) has completed its previously announced offering of 14,820,000 subscription receipts at $8.10 per subscription receipt for gross proceeds of approximately $120 million.

The offering was completed on a bought deal basis through a syndicate of underwriters co-led by BMO Nesbitt Burns Inc., CIBC World Markets Inc. and TD Securities Inc.

Slate Office REIT intends to use the net proceeds to finance, in part, the purchase price for the REIT’s previously announced acquisition of three office properties located in the Greater Toronto Area and Fredericton for an aggregate purchase price of $165 million.

The acquisitions are expected to close by mid-May 2017.

photo credit: Slate Office REIT