Slate Office REIT Announces Agreement to Acquire US$19.8 Million Class A Office Property in Chicago, Illinois and Bought Deal Offering Comprised of C$45 Million of Convertible Debentures

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TORONTO, Oct. 17, 2022 (GLOBE NEWSWIRE) -- Slate Office REIT (TSX: SOT.UN) (the “REIT”), an owner and operator of high-quality workplace real estate, announced today that it has agreed to acquire a newly retrofitted Class A office property located in Chicago, Illinois (the “Property”). The Property is valued at US$19.8 million (the “Acquisition”), which represents an 8.4% capitalization rate based on in-place net operating income (“NOI”). The Property is anchored by a long-term lease with one of the world’s premier innovative biopharmaceutical companies.