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Slate Retail buys 2 properties for US$48.5M, signs new US$250M term loan

Slate Retail REIT acquired two properties for US$48.5 million and signed a new US$250.0 million term loan during the fourth quarter of 2017.

The acquisitions reflected a weighted average cap rate of 7.2%.

The new term loan, signed Nov. 9, 2017, bears interest at LIBOR plus 200 basis points and matures Feb. 9, 2023. The proceeds from the loan were used to repay a US$50.0 million term loan that was acquired in the third quarter of 2017 and to partly repay the revolver.

The company noted that the weighted average term of its debt is now 4.0 years with no maturities until 2020.

Following the end of the quarter, the Canada-based, U.S. grocery-anchored real estate-focused REIT sold an office outparcel at Westhaven in Franklin, Tenn., for US$9.1 million and an outparcel at Mooresville Consumer Square in Mooresville, N.C., for US$6.5 million.