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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