Slate Office REIT announced it has entered into an agreement to sell 225 Duncan Mill Road in the Greater Toronto Area (GTA) for $27.3 million.

“The disposition of 225 Duncan Mill Road is another example of the REIT’s ability to source and execute on transactions that generate meaningful returns for unitholders,” said Scott Antoniak, the REIT’s Chief Executive Officer.

“This disposition will reduce leverage and create liquidity for new opportunities in the future.”

In total, the REIT, in support of its capital recycling program, will have disposed of seven properties in the past 12 months, for aggregate gross proceeds of $106.5 million.

The REIT expects to use the net proceeds to reduce outstanding debt. This transaction remains subject to customary closing conditions and is expected to be completed in the second quarter of 2019.