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Slate Office REIT completes C$191M Canadian portfolio purchase

Slate Office REIT completed its C$191.4 million acquisition of a 93%-leased, seven-property Canadian office portfolio, with a weighted average lease term of 4.8 years.

The properties in the portfolio offer 995,091 square feet of gross leasable area across greater Toronto and Atlantic Canada, and are part of a portfolio of real estate assets sold by diversified real estate investment trust Cominar Real Estate Investment Trust.

Slate Office REIT partly funded the acquisition using proceeds from the sale of its 12,778,800 subscription receipts at C$8.10 apiece, for about C$103.5 million in gross proceeds.