NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISTRIBUTION IN THE UNITED STATES
Agellan Commercial Real Estate Investment Trust (the “REIT”) (TSX: ACR.UN) announced today the closing of its previously announced agreement to acquire two multi-tenanted light industrial properties located in Atlanta, Georgia (“Norcross Springs”). Norcross Springs consists of 4 buildings containing approximately 322,000 square feet of gross leasable area, and is approximately 92% occupied by 22 tenants.
The aggregate purchase price of approximately US$15.8 million (before closing costs) was financed in part with proceeds from the REIT’s recently completed public unit offering, and the balance with long term mortgage financing.
About Agellan Commercial Real Estate Investment Trust
The REIT is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. The REIT has been created for the purpose of acquiring and owning industrial, office and retail properties in select target markets in the United States and Canada.
The REIT’s current portfolio aggregates approximately 5 million square feet of gross leasable area in 33 properties. The properties are primarily located in major urban markets in the United States and Canada.
Agellan Commercial Real Estate Investment Trust
Frank Camenzuli, 416-593-6800 x226
Fax: (416) 593-6700