trending Market Intelligence /marketintelligence/en/news-insights/trending/qgvtw6rwy-ihq2xyur9qza2 content esgSubNav
In This List

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

Case Study

An Investment Bank Taps S&P's Real Estate Modeling Expertise

Blog

FIMA EUROPE 2023: Exploring the Intersection of Data, Governance, and Future Trends in Finance

Podcast

Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)

Blog

Infographic: The Big Picture 2024 – Energy Transition Outlook


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.