Slate Retail REIT closes $79.8M financing

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By Ted Liu

Slate Retail REIT (TSX: SRT.U,SRT.UN), an owner and operator of U.S. grocery-anchored real estate, has completed previously announced public offering of 5,209,500 class U units at $14.35 US $10.89 per unit for gross proceeds of approximately $74.8 million.

Concurrent with the public offering, Slate Asset Management L.P., the REIT’s manager, subscribed 350,000 class U units at the offering price for gross proceeds of approximately $5.0 million.

The public offering was conducted on a bought deal basis by a syndicate of underwriters led by CIBC World Markets Inc., BMO Capital Markets and GMP Securities.

Proceeds will be used to reduce outstanding indebtedness under the secured revolving credit facility, which may be subsequently redrawn and applied as needed to fund future acquisitions and for general trust purposes.

photo credit: Slate Retail REIT