Slate Retail REIT Completes Combination Transaction and Lists on the TSX
|Areas||Corporate Finance and Securities, REITs and Income Securities, Tax|
Goodmans represented Slate U.S. Opportunity (No. 1) Realty Trust (the “Trust”) in its completion of a unitholder approved combination transaction in which the Trust (i) acquired all of the assets of Slate U.S. Opportunity (No. 2) Realty Trust in consideration for Class U Units of the Trust, (ii) acquired, directly or indirectly, all of the assets of U.S. Grocery Anchored Retail (1A), (1B) and (1C) Limited Partnerships in consideration for Class U Units or securities that are economically equivalent to Class U Units and redeemable for cash or Class U Units, (iii) changed its name to “Slate Retail REIT” (the “REIT”) and (iv) listed on the Toronto Stock Exchange (the “TSX”). On April 22, 2014, the Class U Units of the REIT began trading on the TSX in both US dollars (under the trading symbol SRT.U) and Canadian dollars (under the trading symbol SRT.UN).
The REIT is a pure-play in U.S. grocery-anchored real estate with an initial portfolio of 29 properties across 14 states with well-recognized name brand tenants. Toronto-based Slate Properties Inc. (“Slate”) will continue in its capacity as asset manager of the REIT and the REIT’s portfolio. Slate, including its affiliates and senior employees, owns an approximate 10% interest in the REIT.