Slate Retail REIT has called off the acquisition of seven properties occupied by grocery stores as had been anticipated following agreement reached with the seller on March 10. Slate was on course to pay $106.5m for the stores, but it announced that it would not proceed on the deal due to certain conditions having not been satisfied. The trust’s management will continue seeking other opportunities to allocate capital in a way that would maximize returns for unitholders. Slate Retail REIT owns and operates roughly $1.3bn of assets across 50 top metro markets. It’s unclear whether the spreading coronavirus pandemic had any role in scuppering the deal. Grocery stores have fared relatively well despite stay-at-home orders across the United States as they are considered essential businesses.
