TORONTO--(BUSINESS WIRE)--Slate Office REIT (TSX: SOT.UN) (the “REIT”), an owner and operator of high-quality workplace real estate, announced today that it has signed a 15-year, 107,000 square foot lease agreement with a leading Canadian financial technology business (the “Company”), at the West Metro Corporate Centre in Etobicoke, Ontario. The Company plans to move its head office to 195 The West Mall and will occupy a significant portion of the property under the long-term lease.
“We are pleased to welcome an established and innovative tenant at 195 The West Mall,” said Brady Welch, Interim Chief Executive Officer of Slate Office REIT. “This lease agreement underscores the enduring value that high-quality, well-located office assets represent for growing businesses. In a challenging office market, we have been able to increase occupancy at the property by nearly 20 percent while extending the average lease term by two years and significantly improving net operating income.”
The West Metro Corporate Centre, at a total of 618,044 square feet, is one of the largest properties in the REIT’s portfolio, featuring a diverse array of local amenities, such as a restaurant, underground and surface parking, and a fitness centre. The property is located beside Highway 427, with convenient access to Highway 401, the Queen Elizabeth Way, and the Gardiner Expressway. In 2020, 195 The West Mall received Gold Status by the Building Owners and Managers Association (BOMA) in recognition of its rigorous adherence to sustainable building practices.
Chris Burans and Adam Dauphinee of Colliers represented the REIT, and Cathy Strati, Joseph Wise, and Tina Stacey of Lennard Commercial Realty represented the tenant in the transaction.
About Slate Office REIT (TSX: SOT.UN)
Slate Office REIT is a global owner and operator of high-quality workplace real estate. The REIT owns interests in and operates a portfolio of strategic and well-located real estate assets in North America and Europe. The majority of the REIT’s portfolio is comprised of government and high-quality credit tenants. The REIT acquires quality assets at a discount to replacement cost and creates value for unitholders by applying hands-on asset management strategies to grow rental revenue, extend lease term and increase occupancy. Visit slateofficereit.com to learn more.
About Slate Asset Management
Slate Asset Management is a global alternative investment platform targeting real assets. We focus on fundamentals with the objective of creating long-term value for our investors and partners. Slate’s platform has a range of real estate and infrastructure investment strategies, including opportunistic, value add, core plus, and debt investments. We are supported by exceptional people and flexible capital, which enable us to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more.
Forward-Looking Statements
Certain information herein constitutes "forward-looking information" as defined under Canadian securities laws which reflect management's expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance, business prospects and opportunities of the REIT. The words "plans," "expects," "does not expect," "scheduled," "estimates," "intends," "anticipates," "does not anticipate," "projects," "believes," or variations of such words and phrases or statements to the effect that certain actions, events or results "may," "will," "could," "would," "might," "occur," "be achieved," or "continue" and similar expressions identify forward-looking statements. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations.
Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management as of the date hereof, are inherently subject to significant business, economic and competitive uncertainties and contingencies. When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. A number of factors could cause actual results to differ, possibly materially, from the results discussed in the forward-looking statements. Additional information about risks and uncertainties is contained in the filings of the REIT with securities regulators.
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