Slate Properties markets U.S. real estate fund
Toronto-based Slate Properties seeks to raise $75 million for its Slate U.S. Opportunity (No. 3) Realty Trust. The firm will hold a first closing by Oct. 16.
The value-added vehicle will directly acquire, own and lease a portfolio of diversified revenue-producing commercial real estate properties in the United States with a focus on anchored retail properties. It will improve the underperforming properties with refurbishment, repositioning, re-tenanting or more intensive management that reduces their operating costs. The firm will target secondary markets, such as Charlotte, N.C.; Columbus, Ohio; and Pittsburgh.
Slate is a commercial real estate investor and asset manager. Since 2005, the company has acquired more than C$2.2 billion ($2.1 billion) of commercial real estate assets across North America. The company currently co-invests and manages various investment vehicles, including Slate U.S.