Slate Retail REIT Announces Closing of C$50 Million Bought Deal Equity Offering

/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/

TORONTO, Oct. 14, 2014 /CNW/ - Slate Retail REIT (the "REIT") (TSX: SRT.U/SRT.UN) today announced the closing of its previously announced offering of 4,260,000 class U trust units of the REIT (the "Units"), at a price of C$11.75 per Unit (US$10.72) for gross proceeds of approximately C$50 million (or U.S.$46 million) (the "Offering"). The Offering was conducted on a bought deal basis by a syndicate of underwriters led by joint-bookrunners CIBC and GMP Securities, and including BMO Capital Markets, RBC Capital Markets, National Bank Financial, Raymond James Ltd. and Scotiabank (collectively, the "Underwriters"). The REIT has also granted the Underwriters an overallotment option to purchase up to an additional 639,000 Units on the same terms and conditions, exercisable at any time, in whole or in part, up to 30 days after the closing of the Offering (the "Over-Allotment Option").

The REIT intends to use the net proceeds from the Offering, including any amounts received on the exercise of the Over-Allotment Option, to fund the purchase price for the acquisitions of previously announced properties, repay amounts drawn under the REIT's credit facilities and for future acquisitions and general trust purposes.

About Slate Retail REIT

Slate Retail REIT is an open-ended real estate investment trust focused on U.S. grocery-anchored real estate. The REIT's portfolio includes over 30 properties located primarily across the top 50 U.S. metro markets. The REIT is focused on maximizing value through internal organic rental growth and strategic acquisitions. www.slateretailreit.com

Cautionary Statements Regarding Forward-Looking Statements

This press release contains forward-looking statements with respect to the REIT and its operations, strategy, financial performance and financial condition, as well as with respect to the previously disclosed acquisitions and future acquisitions of properties. These statements generally can be identified by the use of forward-looking word "intend". The actual results and performance of the REIT and the acquisitions discussed herein could differ materially from those expressed or implied by such statements. Accordingly, readers should not place undue reliance on forward-looking statements. These cautionary statements qualify all forward-looking statements attributable to the REIT and persons acting on its behalf. See the risk factors in the public filings of the REIT. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition and changes in securities or other laws or regulations or the application thereof. The cautionary statements qualify all forward-looking statements attributable to the REIT and persons acting on its behalf. The assumptions made in making forward-looking statements are referred to in the public filings of the REIT.

Unless otherwise stated, all forward-looking statements speak only as of the date of this press release. Except as required by applicable law, the REIT specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. Additional information about these assumptions and risks and uncertainties is contained in the REIT's filings with securities regulators, including its latest financial statements and management information circular, copies of which may be obtained on the SEDAR website at www.sedar.com.

SOURCE: Slate Retail REIT

Blair Welch
Chief Executive Officer
416 644 4267

Brady Welch
Chief Financial Officer
416 644 4263