- What Slate has accepted an offer to sell its stake in an 11-property office portfolio
- Why The firm is reducing its exposure to the office sector
- What next Slate is shifting its focus to the grocery, residential, industrial and healthcare sectors
Slate Asset Management is selling its stake in 11 office properties in Toronto and Ottawa as part of a shift to focus on so-called essential real estate.
The sale, along with the move by subsidiary Slate Management to end its management agreement with Slate Office REIT, “significantly” reduces Slate Asset Management’s exposure to to the office sector.
Going forward, the firm plans to invest in grocery, residential, industrial and logistics, and healthcare real estate.
“Over 80% of our real estate portfolio is comprised of asset types outside of traditional office spaces, and we believe this is an opportune time to direct our team’s collective energy into the areas of our business that are best positioned to drive value for our partners,” said co-founding partner Brady Welch.
Co-founder Blair Welch said that while the firm believes the outlook for the office market will improve over time, “we are focusing on the opportunity to scale our investments in sectors that are benefitting from strong tailwinds and high growth.”
Slate has $9bn of assets under management globally.
