Transaction|October 9, 2013
Agellan Commercial Real Estate Investment Trust completes C$33 million public offering of trust units
Torys acted as counsel to Agellan Commercial REIT with a team that included Patricia Koval, Michael Zackheim, Mohammed Muraj and Jordan Fenton (corporate/securities) and Grace Pereira (tax).
On October 9, 2013, Agellan Commercial Real Estate Investment Trust (Agellan) completed its public offering of 3,450,000 trust units at a price of C$8.70 per unit, for aggregate gross proceeds of approximately C$30.0 million. The units were sold to a syndicate of underwriters led by BMO Capital Markets on a bought deal basis.
Agellan also granted the underwriters an over-allotment option to purchase up to an additional 345,000 units on the same terms and conditions. The over-allotment option was exercised in full on October 31, 2013 and the additional units were issued on November 4, 2013 for aggregate gross proceeds of approximately C$3.0 million.
The net proceeds of the offering will be used primarily to fund a portion of the purchase price to acquire two office properties municipally known as Beltway 8 Corporate Centre III & IV in Houston, Texas, to repay indebtedness and for general business purposes.
Agellan 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.
Further information can be found on TMX Group's website.
Agellan also granted the underwriters an over-allotment option to purchase up to an additional 345,000 units on the same terms and conditions. The over-allotment option was exercised in full on October 31, 2013 and the additional units were issued on November 4, 2013 for aggregate gross proceeds of approximately C$3.0 million.
The net proceeds of the offering will be used primarily to fund a portion of the purchase price to acquire two office properties municipally known as Beltway 8 Corporate Centre III & IV in Houston, Texas, to repay indebtedness and for general business purposes.
Agellan 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.
Further information can be found on TMX Group's website.