TORONTO--(BUSINESS WIRE)--Agellan Commercial Real Estate Investment Trust (the “REIT”) (TSX: ACR.UN):
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 the closing of its previously announced acquisition of eight industrial properties located throughout suburban Chicago, Illinois (the “Acquired Properties”).
The Acquired Properties are comprised of approximately 314,000 square feet of gross leasable area and were acquired for an aggregate purchase price of approximately US$28.0 million (before closing costs), representing a going-in capitalization rate of approximately 7.7%. The REIT financed the acquisition of the Acquired Properties by drawing down on its operating credit facility and by obtaining a first mortgage.
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 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.
The REIT’s 44 properties contain 7.0 million square feet of gross leasable area, with the REIT’s ownership interest at 6.7 million square feet. The properties are located in major urban markets in the United States and Canada.