National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Slate Grocery REIT Ponies Up $425M for Southeastern Portfolio
Toronto-based Slate Grocery REIT has agreed to acquire 14 properties comprising 2.5 million square feet from an undisclosed seller. The portfolio is valued at US$425 million and is located across seven states, with over two-thirds of the portfolio value being allocated to the Southeast.
The REIT has entered formed a joint venture with Slate North American Essential Real Estate Income Fund L.P., a vehicle managed by Slate Asset Management. The NA Essential Fund has agreed to make an initial investment of US$180 million into the REIT’s assets, with proceeds from the investment helping to fund the REIT’s acquisition.
The portfolio’s anchor tenants comprise a wide range of high-performing grocers, increasing the REIT’s exposure to leading national grocers, including Publix, Ahold Delhaize, Albertsons and Walmart.
Following the acquisition, Slate Grocery REIT’s pro forma portfolio will comprise 15.7 million square feet and US$2.4 billion of essential grocery-anchored real estate.
- ◦Sale/Acquisition
