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TORONTO -- (Business Wire)

Agellan Commercial Real Estate Investment Trust (the “REIT”) (TSX:ACR.UN) announced today certain changes to the composition of its Board of Trustees.

The REIT is pleased to announce that Anthony Messina has been appointed as a new independent trustee of the REIT, effective immediately. Mr. Messina is presently the Managing Director of Investments for Westmont Hospitality Group and the head of Westmont Hospitality Canada. Previously, Mr. Messina was the President and Chief Executive Officer of InnVest Real Estate Investment Trust, Canada’s largest hotel owner. Mr. Messina has more than 20 years of experience in the real estate industry, including financial management, hotel development/ownership and privatization of public real estate companies. Prior to joining Westmont, Mr. Messina also served for over 8 years as Vice President for a global real estate division of one of Canada’s largest pension funds, Caisse de dépôt et placement du Québec, where he was responsible for global real estate acquisitions. Mr. Messina is a member of the Canadian Institute of Chartered Accountants and is now a member of the REIT’s Corporate Governance and Nominating Committee as well as its Audit Committee.

The REIT is also pleased to announce that Richard Dansereau, an independent trustee of the REIT and former Interim Chair of the Board of Trustees of the REIT, has been appointed as Chair of the Board of Trustees of the REIT.

The REIT is committed to strong governance and, as such, each of the Corporate Governance and Nominating Committee and the Audit Committee of the REIT is comprised exclusively of independent trustees of the REIT, being Sara Yamotahari (Chair), Richard Dansereau and Anthony Messina.

"We are very pleased to have Anthony Messina join our Board of Trustees," said Richard Dansereau, Chair of the Board of Trustees of the REIT. "Anthony has an in-depth understanding of our business, and his strategic knowledge, experience and reputation in our industry will be an advantage to Agellan Commercial REIT going forward."

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 current portfolio aggregates approximately 4.6 million square feet of gross leasable area in 31 properties. The properties are primarily located in major urban markets in the United States and Canada.

Forward-Looking Information

This press release contains forward-looking information within the meaning of applicable securities legislation, which reflects the REIT’s current expectations regarding future events. Forward-looking information is necessarily based on a number of estimates and assumptions that are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies, many of which are beyond the REIT’s control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. Readers, therefore, should not place undue reliance on any such forward-looking information. All forward-looking information in this press release speaks only as of the date of this press release. The REIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities laws. All forward-looking information in this press release is qualified by these cautionary statements.

Contacts:

Agellan Commercial Real Estate Investment Trust
Derek Dermott, 416-593-6800 x 269
President
Fax: 416-593-6700
or
Frank Camenzuli, 416-593-6800 x 226
CEO
Fax: 416-593-6700

Source: Agellan Commercial Real Estate Investment Trust