Slate Retail REIT closed a public offering and private placement of class U units for total gross proceeds of approximately C$79.8 million.

The company closed its public offering of 5,209,500 class U units at C$14.35 apiece for roughly C$74.8 million in gross proceeds, including 679,500 class U trust units that were issued to the underwriters upon the full exercise of the overallotment option.

The REIT also closed its private placement of 350,000 class U units to its manager Slate Asset Management LP for gross proceeds of approximately C$5.0 million.

The proceeds will be used to reduce outstanding debt under Slate Retail's secured revolving credit facility.

CIBC World Markets Inc., BMO Capital Markets and GMP Securities led the syndicate of underwriters for the public offering.