Slate U.S. Opportunity (No. 2) Realty Trust Announces Closing of its Initial Public Offering

/NOT FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, Nov. 19, 2012 /CNW/ - Slate U.S. Opportunity (# 2) Realty Trust (the "Trust") announced today that it has completed its initial public offering of class A units (the "Class A Units"), class F units (the "Class F Units") and class U units (the "Class U Units" and, collectively with the Class A Units and the Class F Units, the "Units") at a price of C$10.00 per Class A Unit and Class F Unit and U.S.$10.00 per Class U Unit (the "Offering"). The Offering raised total gross proceeds of approximately U.S.$50,000,000. The Units are qualified investments for Trusts governed by an RRSP, RESP, RRIF, deferred profit sharing plan, registered disability savings plan or a TFSA. Contemporaneously with the closing of the Offering, the Trust also issued 100,000 Class I Units on a private placement basis to Queen's Court Advisors Ltd. ("Queen's Court") (an affiliate of Slate Properties Inc.) at a purchase price of U.S.$10.00 per Class I Unit for gross proceeds of U.S.$1,000,000.  Following closing of the private placement and the Offering, Queen's Court will hold 100% of the outstanding Class I Units.

The investment objectives of the Trust are to: (a) indirectly acquire, own and lease a portfolio of diversified revenue-producing commercial real estate properties in the U.S. with a focus on anchored retail properties; (b) make quarterly distributions commencing upon the earlier of (i) the end of the fiscal quarter in which the Investable Funds (as defined in the Prospectus) are substantially invested and (ii) September 30, 2013; and (c) enhance the potential for long-term growth of capital through value-added enhancements to the properties owned indirectly by the Trust and organic growth in rental rates, combined with an overall reduction in capitalization rates.

The syndicate of agents for the Offering was led by CIBC and RBC Dominion Securities Inc. and includes GMP Securities L.P., BMO Nesbitt Burns Inc., Scotiabank, Raymond James Ltd., Macquarie Private Wealth Inc., National Bank Financial Inc., Canaccord Genuity Corp. and Dundee Securities Ltd.

Slate Properties Inc. ("Slate") is the promoter of the Trust by reason of its initiative in organizing the business of the Trust and taking the steps necessary for the public distribution of the Units. In addition, Slate will be the manager of the Trust.

Slate is a Toronto-based commercial real estate investor and asset manager. Slate's founding partners have significant experience managing complex real estate transactions in domestic and international markets. Since 2005, the company has acquired 44 commercial real estate assets across North America with a total value of approximately C$1 billion. Slate's in-house team of asset management professionals have over 80 years of combined experience. The company manages and co-invests in Slate U.S. Opportunity (# 1) Realty Trust as well as a closed-end fund of U.S. retail assets.

This news release, does not constitute an offer of securities, and is not for distribution or dissemination outside Canada. This offering is only made by prospectus, only to Canadian residents, and only as permitted by law. This news release contains forward-looking information, and actual future results may differ from the Corporation's objectives. The risks, uncertainties and other factors that could influence actual results are described in the prospectus, which contains important detailed information about the securities being offered, and which investors should read before making an investment decision.

SOURCE SLATE PROPERTIES INC.

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