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Canadian REIT buys 14 properties for C$430m
Slate Office REIT has acquired a 14-property portfolio from Fortis Properties Corp. for C$430 million ($342.86 million).
As part of the acquisition, the Toronto-based REIT entered into a strategic co-ownership agreement with a Canadian institutional real estate fund pursuant to which the REIT acquired a 10 percent interest in three of the properties and the co-owner acquired a 90 percent interest.
The portfolio consists of high-quality office buildings located in major markets in Atlantic Canada, including 10 office buildings, one mixed-use office complex and three retail centers totaling 2.8 million square feet of gross leasable area. The largest assets were the 564,486-square-foot Maritime Center in Halifax, Nova Scotia, selling for C$77.9 million ($62.1 million), and the 438,838-square-foot Cabot Place in St. John’s, Newfoundland, selling for C$60.57 million ($48.3 million). Other assets include the Blue Cross Center in Moncton, New Brunswick an