Slate U.S. Opportunity (No. 1) Realty Trust Announces Closing of Private Placement

/NOT FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, May 7, 2012 /CNW/ - Slate U.S. Opportunity (No. 1) Realty Trust (the "Trust") announced today that it has issued 203,000 class I units (the "Class I Units") on a private placement basis to certain individual and institutional investors at a purchase price of U.S.$10.00 per Class I Unit (the "Private Placement"). The total gross proceeds of the Private Placement are approximately U.S.$2,030,000.

The Private Placement is in addition to the Trust's initial public offering (the "IPO") of approximately U.S.$50 million and a private placement of U.S.$5 million which were completed on April 20, 2012.

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 prepared in connection with the IPO) 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 Trust is managed by Slate Properties Inc. ("Slate").

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.

Blair Welch [phone] or Brady Welch [phone]