Slate U.S. Opportunity (No. 1) Realty Trust Announces Closing of its Initial Public Offering and Appointment of New Trustee

/NOT FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, April 20, 2012 /CNW/ - Slate U.S. Opportunity (No. 1) Realty Trust (the "Trust") announced today that it has completed its initial public offering of class A units (the "Class A Units") and class U units (the "Class U Units" and, collectively with the Class A Units, the "Units") at a price of C$10.00 per Class A Unit and U.S.$10.00 per Class U Unit (the "Offering"). The Offering raised total gross proceeds of approximately U.S.$50,000,000. The Units are qualified investments for Trusts governed by an RRSP, RESP, RRIF, deferred profit sharing plan, registered disability savings plan or a TFSA. Contemporaneously with the closing of the Offering, the Trust also issued 250,000 Class I Units on a private placement basis to each of Queen's Court Advisors Ltd. ("Queen's Court") (an affiliate of Slate Properties Inc.) and 8032238 Canada Inc. ("8032238") at a purchase price of U.S.$10.00 per Class I Unit for gross proceeds of U.S.$5,000,000.  Following closing of the private placement and the Offering, each of Queen's Court and 8032238 holds 50% of the outstanding Class I Units.

The investment objectives of the Trust are to: (a) indirectly acquire, own and lease a portfolio of diversified revenue-producing commercial real estate properties in the U.S. with a focus on anchored retail properties; (b) make quarterly distributions commencing upon the earlier of (i) the end of the fiscal quarter in which the Investable Funds (as defined in the Prospectus) are substantially invested and (ii) December 31, 2012; and (c) enhance the potential for long-term growth of capital through value-added enhancements to the properties owned indirectly by the Trust and organic growth in rental rates, combined with an overall reduction in capitalization rates.

The syndicate of agents for the Offering was led by CIBC, BMO Capital Markets and RBC Capital Markets and includes GMP Securities L.P., Raymond James Ltd., Scotia Capital Inc., Canaccord Genuity Corp., Macquarie Private Wealth Inc., Desjardins Securities Inc. and Dundee Securities Ltd.

The Trust is also pleased to announce the appointment of Mr. Peter L. Tesché as an indepdenent trustee of the Trust. Since 2011, Mr. Tesché  has been Director, Capital Markets for Pensam Capital LLC ("Pensam") and brings a significant amount of corporate finance and commercial real estate experience in both Canada and the U.S. to the Trust. Pensam is a Miami-based private real estate lender and investment firm that provides bridge and equity funding secured by multihousing, office, retail, hospitality and industrial properties. From 2000 to 2009, while based in Toronto, Mr. Tesché acted as principal in his own corporate finance advisory firm, where he raised capital in a variety of industries including financial services and real estate investment. Prior to 2000, Mr. Tesché was Managing Director at Deutsche Bank Canada, the successor to the Canadian subsidiary of Bankers Trust Company where he worked for 18 years.

Slate Properties Inc. ("Slate") is the promoter of the Trust by reason of its initiative in organizing the business of the Trust and taking the steps necessary for the public distribution of the Units. In addition, Slate will be the manager of the Trust.

About Slate: Slate is a Toronto-based commercial real estate investor and asset manager. Slate's founding partners have significant experience managing complex real estate transactions in domestic and international markets. Since 2005, the company has acquired, owned and disposed of over C$900 million worth of commercial real estate. Slate employs a team of in-house asset management professionals with over 75 years of combined experience. The company manages and co-invests in a closed-end fund of U.S. retail assets. Slate's hands-on approach differentiates the firm across the acquisition, management and disposition phases of real estate investment.

This news release, does not constitute an offer of securities, and is not for distribution or dissemination outside Canada. This offering is only made by prospectus, only to Canadian residents, and only as permitted by law. This news release contains forward-looking information, and actual future results may differ from the Corporation's objectives. The risks, uncertainties and other factors that could influence actual results are described in the prospectus, which contains important detailed information about the securities being offered, and which investors should read before making an investment decision.

For further information or to obtain a copy of the early warning reports to be filed by Queen's Court and 8032238 in connection with their acquisition of Class I Units contact:
Blair Welch [phone] or Brady Welch [phone]