Slate Office REIT has a deal to acquire Gateway Centre, a 236k SF Class-A office complex at 3000 and 3100 Steeles Ave E in Markham, for $57.5M. The property—two towers connected via a single-storey commercial corridor—is 95% occupied. It is adjacent to Slate Office's 295k SF Woodbine & Steeles Corporate Centre (7030-7100 Woodbine Ave). The trust projects $5.9M in annual net operating income to be generated by the Gateway Centre acquisition, which increases its total GLA to 4.7M SF. Slate Office also is increasing its interest in three St John’s, NL, office buildings (the Places), from 30% to 39%.
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