office properties

Slate Office REIT to purchase Dream office properties

Friday, March 10, 2017

Slate Office REIT (REIT) has acquired three office properties from Dream Office REIT, for a total purchase price of $165 million.

The West Metro Corporate Centre in Etobicoke, in the Greater Toronto Area will be the REIT’s largest property. The three-building complex located at 185, 191 and 195 The West Mall is 616, 364 square feet and 93 per cent occupied by multiple credit-quality tenants, including SNC-Lavalin and The Bank of Nova Scotia. SNC-Lavalin will become the REIT’s largest tenant.

In downtown Fredericton, New Brunswick, 250 King is a four-storey, 80, 162 square foot office property. The building is 100 per cent leased to the Province of New Brunswick since its original construction in 2000. The site is set on approximately 1.41 acres and provides 132 above ground parking spaces.

The third office property strengthens the REIT’s Atlantic Canada presence even more and is also located in Fredericton, but in the suburban area. Two Nations is a three-storey, 50,945 square foot building built in 2008. It is also 100 per cent occupied by the Province of New Brunswick. The property is located on Two Nations Crossing just northeast of downtown Fredericton, and within 30 minutes to the Greater Fredericton Airport.

 

Photo of The West Metro Corporate Centre

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