Slate Grocery REIT (TSX:SGR.UN) completed the acquisition of grocery-anchored portfolio across the United States from unknown three institutional operators.
September 21, 2021
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Slate Grocery REIT (TSX:SGR.UN) entered into an agreement to acquire grocery-anchored portfolio across the United States from unknown three institutional operators for $90 million on March 25, 2021. The consideration also includes the assumption of existing debt. The REIT will be purchasing majority interests between 85% and 95% ownership in each of the properties, with the remaining 5% to 15% ownership interests retained by three institutional operators. The transaction will be financed through the indirect assumption of approximately $300 million of existing property-level mortgage debt (4.2% weighted average interest rate), the net proceeds from a CAD 133 million ($105.727 million) offering and existing balance sheet liquidity. Portfolio is anchored by market leading grocers including Tops and Market 32 (Price Chopper), Tom Thumb (Albertson’s), Kroger, Stop & Shop (Ahold Delhaize), Acme Markets (Albertson’s) and Walmart among others. The Special Committee determined that the acquisition is in the best interests of the REIT and unanimously recommended approval of the acquisition by Board of trustees of the REIT. Following receipt of the unanimous recommendation by the Special Committee, Board of trustees of the REIT (with interested trustees abstaining) has unanimously approved the acquisition. The transaction is expected to close by the middle of 2021. As of May 10, 2021, the transaction is expected to close in the third quarter of 2021. The members of the Special Committee are Thomas Farley (Chair), Andrea Stephen, Colum Bastable and Patrick Flatley. The Special Committee retained Blair Franklin Capital Partners Inc. as financial advisor with respect to the acquisition. Blair Franklin has provided a fairness opinion to the Special Committee of Slate Grocery REIT.
Slate Grocery REIT (TSX:SGR.UN) completed the acquisition of grocery-anchored portfolio across the United States from unknown three institutional operators on September 22, 2021. The acquisition is expected to be immediately accretive to the REIT’s funds from operations per unit and adjusted funds from operations per unit.
Slate Grocery REIT (the REIT) is a Canada-based open-ended mutual fund trust. The REIT focuses on acquiring, owning, and leasing a portfolio of grocery-anchored real estate properties (the properties) in the United States of America (the U.S.). Its objectives are to provide unitholders with stable cash distributions from a portfolio of grocery-anchored real estate properties in the United States. The REIT owns and operates real estate infrastructure across U.S. metro markets. The Company's properties include Centerplace of Greeley, River Run, Sheridan Square, Flamingo Falls, Northlake Commons, Countryside Shoppes, Creekwood Crossing, Skyview Plaza, Riverstone Plaza, Fayetteville Pavilion, Clayton Corners, Apple Blossom Corners, Hillard Rome Commons and Riverdale Shops, among others. The REIT's investment manager is Slate Asset Management (Canada) L.P.
Slate Grocery REIT (TSX: SGR.UN) completed the acquisition of grocery-anchored portfolio across the United States from unknown three institutional operators.
SLATE GROCERY REIT 
