ST. JOHN’S, NEWFOUNDLAND AND LABRADOR–(Marketwired – June 30, 2015) – Fortis Inc. (“Fortis” or the “Corporation”) (TSX:FTS) announced today that it has completed the sale of the commercial real estate portfolio of Fortis Properties Corporation for a purchase price of $430 million, subject to certain adjustments, to a subsidiary of Slate Office REIT. The portfolio comprises 2.8 million square feet of leasable space located in Newfoundland and Labrador, New Brunswick and Nova Scotia. The Delta Brunswick hotel, part of the Brunswick Square office complex in Saint John, New Brunswick was also included in the sale.
About Slate Office REIT
Slate Office REIT is an open-ended real estate investment trust. The REIT’s portfolio currently comprises 49 strategic and well-located real estate assets located primarily across Canada’s major population centres. The REIT is focused on maximizing value through internal organic rental and occupancy growth and strategic acquisitions. Visit slateam.com/SOT to learn more.
Fortis is a leader in the North American electric and gas utility business, with total assets of approximately $28 billion and fiscal 2014 revenue of $5.4 billion. Its regulated utilities serve more than 3 million customers across Canada and in the United States and the Caribbean. For more information about Fortis, visit www.fortisinc.com or www.sedar.com.
Mr. Karl Smith
Executive Vice President, Chief Financial Officer, Fortis
Ms. Nora Duke
President and Chief Executive Officer, Fortis Properties