06:20 AM EDT, 10/03/2024 (MT Newswires) -- Slate Office REIT (SOT-UN.TO) late on Wednesday said Slate Management ULC has initiated a process to terminate its external management agreement with the REIT.

Slate Management gave the REIT a 180-day notice of termination and will work with the REIT to prepare a transition plan and effect the transition of management services to the REIT.

In addition, trustees Blair Welch and Brady Welch have also resigned from the REIT's board, effective immediately.

"The trustees believe that internalized management will achieve strong alignment with unitholders and lower costs for the REIT," said Sam Altman, chair of the REIT's board of trustees.