Slate Asset Management to acquire US$2.33B commercial real estate portfolio from Annaly

Date Announced

March 25, 2021

Value

2.33 Billion USD

On March 25, 2021, Slate Asset Management LP (Slate) announced the US$2.33 billion acquisition of the Commercial Real Estate Business (ACREG) of Annaly Capital Management, Inc. (Annaly). The acquisition includes a portfolio of performing real estate loans, debt securities and real estate equity positions. Members of the ACREG team will be joining Slate upon closing of the transaction. The acquisition from Annaly also includes a US$400 million portfolio of grocery-anchored real estate assets located in major U.S. markets that will be purchased by Slate Grocery REIT, Slate's pure-play U.S. grocery-anchored business.

The transaction is subject to customary closing conditions, including applicable regulatory approvals. The closing is expected to be complete in mid-2021.

Slate is a leading alternative asset management platform with a focus on real estate.

Annaly is a leading diversified capital manager that invests in and finances residential and commercial assets.

McCarthy Tétrault LLP advised Slate with a team led by Matthew Cumming that included Jeremy Pleasant and Gianluca Mazzanti (Business) and Patrick McCay (Tax).

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