Home > Market Activity > Get Quotes > News > News Article

Agellan Commercial Real Estate Investment Trust

Exchange: TSX Exchange | Dec 9, 2018, 5:28 PM EST

$ 14.18 real time data Change Up
0.01 (0.07%)
Real-time price
Day Low 14.16
Day High 14.19

Agellan Commercial Real Estate Investment Trust Completes $55 Million Bought Deal Financing

TORONTO, ONTARIO--(Marketwired - Feb. 27, 2017) -


Agellan Commercial Real Estate Investment Trust (TSX:ACR.UN) (the "REIT") announced today that it has closed its previously announced bought deal public offering of 4,807,000 units of the REIT (the "Units") at a price of $11.45 per unit, for aggregate gross proceeds of approximately $55 million (the "Offering"). The Units were sold to a syndicate of underwriters led by RBC Capital Markets and BMO Capital Markets (the "Underwriters"). The closing included 437,000 Units issued as a result of the exercise in full of the Underwriters' over-allotment option.

The REIT intends to use the net proceeds of the Offering to repay approximately US$9.0 million of outstanding mortgage debt as well as certain indebtedness owing under the REIT's existing credit facilities, and the remainder to fund potential future acquisitions and for general business purposes.

Upon closing of the Offering today, there were 32,764,699 Units issued and outstanding.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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 current portfolio aggregates approximately 5.9 million square feet of gross leasable area in 34 properties. The properties are primarily located in major urban markets in the United States and Canada.

Forward-Looking Statements

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 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
(416) 593-6700
(416) 593-6800 x226

Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. View delay times for all exchanges. Market Data powered by QuoteMedia. See the QuoteMedia Terms of Use.