Acquisition of GE's Canadian Equity Platform
When GE Capital was looking to sell its Canadian real estate holdings, there were not many buyers who could handle such a complex transaction with the speed and discretion required by GE.
The 6.2 million square foot portfolio included core office towers, suburban office complexes, industrial assets and a management team. The price tag would be almost $1 billion.
Slate saw a way to get it done, using our deep relationships and ability to source the right capital for the right assets. We had a long relationship with GE, which was our lender when we worked with The Blackstone Group to purchase office buildings in downtown Toronto.
We also knew investors who would be interested. That enabled us to line up a publicly-traded Canadian REIT to buy the industrial assets in a $359 million transaction.
Our institutional equity partners joined as majority owners of the core office towers, and Slate retained sole ownership of the suburban properties, which we later vended into Slate Office REIT as part of our plan to create a leading publicly-traded investment vehicle focused on office.
Once we owned the buildings, we used our operational expertise to improve responsiveness to leasing opportunities to help boost occupancy rates.
That's how our vision creates value.