The Slate U.S. Opportunity (No. 3) Realty Trust offering provides a quarterly redemption right

The Slate U.S. Opportunity (No. 3) Realty Trust offering is virtually identical to that for No. 2.

The Trust proposes to invest in US real estate through an Ontario "holding company" LP and a Delaware "grandchild" subsidiary LP, both of which will elect to be corporations for US purposes.  The offered units will not be listed until sometime (potentially up to almost six years) after closing of the offering (or never, if within that period the assets first are sold and the Trust liquidated).

The units can be retracted at any time. If a retraction occurs before a listing, the unitholder receives the redemption proceeds, calculated as 95% of the NAV at the end of the quarter preceding the retraction date, in the form of cash or a vaguely-described in specie distribution, by the end of the month following the quarter in which the retraction occurred.  If the retraction occurs after a listing, the redemption proceeds are based on the lesser of the units’ closing market price on the retraction date and 95% of their 10-day VWAP following the retraction date.

Neal Armstrong.  Summary of (final) prospectus for Slate U.S. Opportunity (No.3) Realty Trust offering under REIT and LP Offerings - Foreign Asset Income Funds and LPs.