Slate partnered with The Blackstone Group to acquire 30 value-add commercial real estate assets (3.2 million SF) in Toronto (17), Ottawa (2), Calgary (6), and Edmonton (5) in 21 separate investments, 60% of which were "off-market".
Slate acted as asset manager for the partnership. Over a five year hold, Slate completed in excess of 800 leasing transactions totalling over 3.2 million SF and representing more than 100% of the portfolio. Slate increased portfolio NOI 193% during this time.
The Canadian Office Portfolio sold to Dundee REIT in 2011 for $831.8 million; the largest ever portfolio purchase by a Canadian REIT.
The sale returned a levered IRR greater than 30% and excess of 3.0x equity multiple on investors' initial investment.
Slate is currently engaged in a U.S. acquisition strategy targeting grocery-anchored properties in secondary markets supported by strong sales, occupancy and tenant quality.
Slate successfully closed Grocery-Anchored Retail (GAR) 1, LP. The fund is comprised of 6 grocery-anchored community centres in Ohio (3), Pennsylvania (2), and Wisconsin (1) totalling 790,000 SF with a total purchase value of $45 million.
