Slate U.S. Opportunity (No. 3) Realty Trust Completes IPO

Goodmans represented Slate U.S. Opportunity (No. 3) Realty Trust (the Trust) completed its initial public offering of class A units, class F units and class U units at a price of C$10.00 per Class A Unit and Class F Unit and U.S.$10.00 per Class U Unit. The offering raised total gross proceeds of approximately U.S.$57,500,000. Concurrent with the closing of the offering, the Trust also issued 1,750,000 Class I Units on a private placement basis to various institutional investors at a purchase price of U.S.$10.00 per Class I Unit for gross proceeds of U.S.$17,500,000. The total gross equity raised from the offering and private placement is approximately U.S.$75,000,000.

The syndicate of agents for the offering was led by CIBC, RBC Capital Markets and GMP Securities L.P. and included BMO Capital Markets, Macquarie Private Wealth Inc., National Bank Financial Inc., Raymond James Ltd., Scotiabank, Dundee Securities Ltd. and Mackie Research Capital Corporation.

The Trust’s objective is to indirectly acquire, own and lease a portfolio of diversified revenue-producing commercial real estate properties in the US with a focus on anchored retail properties. Slate Properties Inc. (Slate) is the manager of the Trust.

Slate is a Toronto-based commercial real estate investor and asset manager. Since 2005, the company has acquired over C$2.2 billion of commercial real estate assets across North America.  The company currently co-invests and manages various investment vehicles, including Slate U.S. Opportunity (No. 1) Realty Trust, Slate U.S. Opportunity (No. 2) Realty Trust, and a closed-end private fund focused on U.S. retail assets in addition to the company's co-investments and management of Canadian office properties with domestic institutional equity groups.