Transaction demonstrates Slate Asset Management's ability to
execute complex transaction at opportunistic time in the market
cycle
CHICAGO, March 25, 2021 /PRNewswire/ -- Slate Asset
Management ("Slate"), a leading alternative asset management
platform with a focus on real estate, has announced the acquisition
of the Commercial Real Estate Business ("ACREG") of Annaly Capital
Management, Inc. ("Annaly") for US$2.33
billion.
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.
"We believe this transaction is another example of Slate's
ability to find value for our partners and investors at an
opportune time in the market cycle," said Blair Welch, co-founding partner of Slate. "The
acquisition of this platform further expands Slate's core
capabilities across the real estate capital stack. Combined with
our investment platform, sophistication, institutional
relationships and operational expertise, we are uniquely positioned
to provide creative debt capital solutions in the current market
environment. Additionally, we are very excited to have the ACREG
team members join us at Slate."
The acquisition from Annaly also includes a US$0.4 billion portfolio of grocery-anchored real
estate assets located in major U.S. markets that will be purchased
by Slate Grocery REIT (TSX: SGR.UN / SGR.U), 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 by the middle of 2021.
BMO Capital Markets is serving as financial advisor and Goodwin
Procter LLP and McCarthy Tétrault LLP as legal advisors to Slate.
Evercore is serving as financial advisor and Ropes & Gray LLP
as legal advisor to Annaly.
About Slate Asset Management
Slate Asset Management is
a leading real estate focused alternative investment platform.
Slate is a value-oriented manager and a significant sponsor of all
of its private and publicly traded investment vehicles, which are
tailored to the unique goals and objectives of its investors. The
firm's careful and selective investment approach creates long-term
value with an emphasis on capital preservation and outsized
returns. Slate is supported by exceptional people, flexible capital
and a demonstrated ability to originate and execute on a wide range
of compelling investment opportunities.
Visit slateam.com to learn more.
About Annaly
Annaly is a leading diversified capital manager that invests in
and finances residential and commercial assets. Annaly's principal
business objective is to generate net income for distribution to
its stockholders and to optimize its returns through prudent
management of its diversified investment strategies. Annaly is
internally managed and has elected to be taxed as a real estate
investment trust, or REIT, for federal income tax purposes.
Additional information on the company can be found
at www.annaly.com.
Slate Investor Contact
Slate Asset Management
Investor Relations
+1 416 644 4264
ir@slateam.com
Annaly Investor Contact
Annaly Capital Management,
Inc.
Investor Relations
1-888-8Annaly
investor@annaly.com
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SOURCE Slate Asset Management