Agellan Commercial REIT completes initial public offering
On January 25, 2013, Agellan Commercial Real Estate Investment Trust (the REIT) closed its initial public offering of 13,461,943 units for gross proceeds of approximately C$134.6 million. The units were sold to a syndicate of underwriters co-led by BMO Capital Markets and CIBC.
On February 27, 2013, the underwriters exercised their option to purchase 1,659,291 additional units of the REIT at a price of C$10.00 per unit. Of the 1,659,291 additional units purchased, 313,097 units were purchased from the REIT and 1,346,194 were purchased from the retained interest holders.
The net proceeds of the offering were used by the REIT to acquire 23 properties comprising 18 industrial properties containing 2.8 million square feet of gross leasable area (GLA), four office properties containing 1.4 million square feet of GLA and one retail property containing 45,000 square feet of GLA. Agellan Capital Partners Inc. will provide asset management and certain administrative services to the REIT.
Further information can be found on Canada Newswire's website and Bloomberg's website.