SOT.UN Slate Office REIT

Slate Office REIT (TSX: SOT.UN) (the “REIT”), an owner and operator of office real estate, announced today that it has successfully closed the issuance of an additional C$9.2 million aggregate principal amount of 5.50% extendible convertible unsecured subordinated debentures (the “Debentures”) pursuant to the partial exercise of the Debenture over-allotment option granted by the REIT to the syndicate of underwriters in connection with the REIT’s previously announced offering of C$75.0 million aggregate principal amount of Debentures and 1,225,000 subscription receipts of the REIT (“Subscription Receipts”) at a price of C$4.90 per Subscription Receipt for gross proceeds of approximately C$55.0 million (collectively, the “Offering”), which closed on November 19, 2021.

The Offering was conducted on a bought deal basis by a syndicate of underwriters led by RBC Capital Markets and BMO Capital Markets. The Debentures and Subscription Receipts are listed on the Toronto Stock Exchange under the ticker symbols SOT.DB.A and SOT.R, respectively.

Together with the previously announced C$5.8 million private placement (the “Private Placement”) to Slate Asset Management L.P., which is expected to close subject to and concurrent with closing of the proposed acquisition of the issued and outstanding shares of Yew Grove REIT plc (an Irish-incorporated real estate investment trust that is dual-listed on Euronext Dublin (Ireland) and the AIM market of the London Stock Exchange), for cash consideration of €1.017 per share (the “Proposed Acquisition” as further described in the REIT’s November 19, 2021 press release), the total gross proceeds of the Offering, including the partial exercise of the Debenture over-allotment option, and Private Placement are expected to be approximately C$145.0 million. It is intended that the net proceeds of the Offering and Private Placement will be used to partially finance the Proposed Acquisition.

About Slate Office REIT (TSX: SOT.UN)

Slate Office REIT is an owner and operator of office real estate. The REIT owns interests in and operates a portfolio of 32 strategic and well-located real estate assets across Canada's major population centres and includes two assets in downtown Chicago, Illinois. 61% of the REIT’s portfolio is comprised of government or credit rated tenants. The REIT acquires quality assets and creates value for unitholders by applying hands-on asset management strategies to grow rental revenue, extend lease term and increase occupancy. Visit slateofficereit.com to learn more.

About Slate Asset ManagementSlate Asset Management is a global alternative investment platform focused on real estate. We focus on fundamentals with the objective of creating long-term value for our investors and partners. Slate’s platform spans a range of investment strategies, including opportunistic, value add, core plus and debt investments. We are supported by exceptional people and flexible capital, which enables us to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more.

Statements required by the Irish Takeover RulesThe trustees of the REIT accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the trustees of the REIT (who have taken all reasonable care to ensure that this is the case) the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.

Forward-Looking StatementsCertain information herein constitutes “forward-looking information” as defined under Canadian securities laws which reflect management’s expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance, business prospects and opportunities of the REIT. Some of the specific forward-looking statements contained herein include, but are not limited to, statements with respect to the intention of the REIT to complete the closing of the Proposed Acquisition, the Private Placement and the related transactions contemplated herein on the terms and conditions described herein, the closing date of the Private Placement and the use of proceeds of the Offering and the Private Placement. The words “plans”, “expects”, “does not expect”, “scheduled”, “estimates”, “intends”, “anticipates”, “does not anticipate”, “projects”, “believes”, or variations of such words and phrases or statements to the effect that certain actions, events or results “may”, “will”, “could”, “would”, “might”, “occur”, “be achieved”, or “continue” and similar expressions identify forward-looking statements. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations.

Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management as of the date hereof, are inherently subject to significant business, economic and competitive uncertainties and contingencies. When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. A number of factors could cause actual results to differ, possibly materially, from the results discussed in the forward-looking statements. Additional information about risks and uncertainties is contained in the filings of the REIT with securities regulators.

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For Further InformationInvestor Relations+1 416 644 4264ir@slateam.com