Toronto, Canada-based Slate grocery REIT ( OTC:SRRTF ) said Friday that it has completed the acquisition of a $425M grocery-anchored real estate portfolio.
The transaction boosts the REIT's exposure to the Sunbelt Region of the U.S. with a portfolio of properties consisting of a slew of grocers, including Publix Super Markets ( OTC:PUSH ), Ahold Delhaize ( OTCQX:ADRNY ) ( OTCQX:AHODF ), Albertsons ( ACI ), and Walmart ( WMT ).
In addition, the REIT has formed a joint venture with Slate North American Essential Real Estate Income Fund, a vehicle managed by Slate Asset Management. That followed NA Essential Fund's initial investment of $180M into Slate Grocery's ( OTC:SRRTF ) assets via the purchase of partnership interests in two REIT subsidiaries, according to the release. The proceeds were used to fund the acquisition.
Slate Grocery's ( OTC:SRRTF ) portfolio is now comprised of 15.7M square feet and $2.4B of grocery-anchored real estate infrastructure across major U.S. metro markets, it said.
Overall, “we have significantly increased the REIT’s exposure to high-quality grocery-anchored real estate in some of the fastest-growing markets in the U.S. and unlocked a new, efficient source of capital through the REIT’s partnership with the NA Essential Fund," said Blair Welch, CEO of Slate Grocery and Founding Partner of Slate.
Earlier, Slate Grocery REIT declared a monthly dividend of $0.072 per share .
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Toronto's Slate Grocery REIT completes acquisition of $425M portfolio