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 that it has completed its previously announced sale of the REIT’s approximately 118,500 square foot, five-story multi-tenant office building located at 10130 Perimeter Parkway in Charlotte, North Carolina (the “Property”).
The sale price for this non-core asset of the REIT was approximately US$22.65 million (before closing costs) and represented an in-place capitalization rate of approximately 7.46%. The REIT intends to utilize the net proceeds of the disposition for future acquisitions of industrial properties located in the United States.
The disposition is consistent with the REIT’s strategy of recycling capital by selling office assets that are no longer aligned with its core strategies in order to fund new industrial investment opportunities. The REIT intents to focus on multi-tenant properties in the United States that provide enhanced tenant diversity.
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 was 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 44 properties contain 6.3 million square feet of gross leasable area, with the REIT’s ownership interest at 6.0 million square feet. The properties are located in major urban markets in the United States and Canada.
This press release contains forward-looking information within the meaning of applicable securities legislation, which reflects the REIT’s current expectations regarding future events. Forward-looking information in this news release includes the REIT’s current intention in respect of the manner in which the net proceeds of the Property disposition will be redeployed by the REIT. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT’s control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. These forward-looking statements are made as of the date of this press release and, except as expressly required by applicable law, the REIT assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Agellan Commercial Real Estate Investment Trust
Frank Camenzuli, CEO
Tel: 416-593-6800 x226