Agellan Commercial REIT completes C$46 million bought deal financing

Torys acted as counsel to Agellan Commercial REIT with a team that included Michael Zackheim, Josh Lavine and Laura Sigurdson (Canadian corporate/securities), Andy Beck (U.S. securities), Corrado Cardarelli and Grace Pereira (Canadian tax), Peter Keenan and David Mattingly (U.S. tax).

On August 4, 2016, Agellan Commercial Real Estate Investment Trust (the "REIT") announced that it closed its previously announced bought deal public offering of 4,485,000 units at a price of C$10.25 per unit, for aggregate gross proceeds of approximately C$46 million. The units were sold to a syndicate of underwriters led by RBC Capital Markets and BMO Capital Markets. The closing included 585,000 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 fund potential future acquisitions, to repay indebtedness owing under the REIT's existing credit facilities and for general business purposes.

Agellan Commercial REIT is an unincorporated, open-ended real estate investment trust established for the purpose of acquiring and owning industrial, office and retail properties in select target markets in the United States and Canada.

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