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or Name
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Agellan Commercial Real Estate Investment Tru
Symbol ACR
Shares Issued 23,395,139
Close 2016-05-03 C$ 9.20
Market Cap C$ 215,235,279
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Agellan closes Gatineau retail plaza sale for $9.2M

2016-05-03 19:22 ET - News Release

Mr. Frank Camenzuli reports

AGELLAN COMMERCIAL REAL ESTATE INVESTMENT TRUST COMPLETES THE DISPOSITION OF RETAIL PLAZA IN GATINEAU, QUEBEC

Agellan Commercial Real Estate Investment Trust has completed its previously announced sale of a 45,000-square-foot multitenant retail plaza located at 195, 215 rue Bellehumeur, in Gatineau, Que., to a third party purchaser.

The sale price for this non-core asset of the REIT is approximately $9.2-million before closing costs and represents an in-place capitalization rate of approximately 7.2 per cent. The proceeds of disposition will be used by the REIT to temporarily reduce the outstanding balance on its credit facility, which is currently partially secured by the property.

"The disposition further supports the net asset value of the REIT, and will ultimately help advance the composition of the REIT's portfolio," said Frank Camenzuli, the chief executive officer of the REIT.

The disposition is consistent with the REIT's strategy of recycling capital by selling assets in certain markets that are no longer aligned with its core strategies to finance new investment opportunities. The REIT intends to focus on multitenant properties that provide enhanced diversity. Consistent with the REIT's past practices and in the normal course of business, the REIT is engaged in discussions, and has various agreements, with respect to possible acquisitions of new properties and dispositions of existing properties in its portfolio. However, there can be no assurance that these discussions or agreements will result in acquisitions or dispositions or, if they do, what the final terms or timing of such acquisitions or dispositions would be. The REIT expects to continue current discussions and actively pursue other acquisition, investment and disposition opportunities.

We seek Safe Harbor.

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