Slate Retail REIT and Slate U.S. Opportunity (No. 3) Realty Trust Announce Closing of Acquisition and Related Financing Arrangements

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[{"type":"text","content":"\n\nTORONTO, June 1, 2015 /CNW/ - Slate Retail REIT (the \"REIT\") (TSX:SRT.U/SRT.UN) and Slate U.S. Opportunity (No. 3) Realty Trust (\"SUSO 3\") are pleased to announce the closing of the acquisition by the REIT of the assets of SUSO 3 (the \"Transaction\"). \n\nAs previously announced, at the annual and special meetings of the unitholders of the REIT and SUSO 3 held on May 13, 2015, the Transaction was overwhelmingly approved by 99.94% of the votes cast in person or by proxy by unitholders of the REIT and by 100% of the votes cast in person or by proxy by unitholders of SUSO 3 (other than in each case unitholders that were excluded from voting pursuant to Multilateral Instrument 61-101).\n\nAs a result of the Transaction, the REIT's portfolio now comprises 57 grocery anchored assets with over 6.7 million square feet of gross leasable area (\"GLA\") across 20 states with approximately 66% of GLA occupied by either grocery or national tenants. The REIT's portfolio is diversified by tenant and geography with no tenant comprising more than 7% of revenues and no state comprising more than 12% of GLA.\n\nIn anticipation of the Transaction, SUSO 3 has made a special cash distribution to its unitholders of SUSO 3's remaining cash balance. Following the final calculation of the working capital adjustment at closing, 7,760,798 Class U units (the \"REIT Units\") of the REIT and 225,251 exchangeable Class B limited partnership units of certain subsidiaries of the REIT were issued in consideration for the acquisition of the SUSO 3 assets.  \n\nUpon tendering their SUSO 3 units for redemption, the number of REIT Units and the amount of the special cash distribution that SUSO 3 unitholders receive for each SUSO 3 unit is as follows:\n\n\neach Class A unit of SUSO 3 is redeemed for 1.004390 REIT Units and each holder thereof will have received a special cash distribution of the Canadian dollar equivalent of US$0.776; \neach Class F unit of SUSO 3 is redeemed for 1.036560 REIT Units and each holder thereof will have received a special cash distribution of the Canadian dollar equivalent of US$0.801; \neach Class I unit of SUSO 3 is redeemed for 1.099125 REIT Units and each holder thereof will have received a special cash distribution of US$0.849; and \neach Class U unit of SUSO 3 is redeemed for 1.041202 REIT Units and each holder thereof...

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