Agellan Commercial Real Estate Investment Trust Files Preliminary Prospectus for Initial Public Offering

/NOT FOR DISSEMINATION IN THE UNITED STATES./

TORONTO, Nov. 15, 2012 /CNW/ - Agellan Commercial Real Estate Investment Trust (the "REIT") announced today that it has filed, and obtained a receipt for, a preliminary prospectus for the initial public offering of trust units with the securities commissions of all provinces and territories in Canada. The proposed offering is being underwritten by a syndicate of underwriters co-led by BMO Capital Markets and CIBC. BMO Capital Markets is the sole bookrunner of the Offering.

The REIT has been formed to own and operate a diversified portfolio of income producing industrial, office and retail properties in the United States and Canada. Following closing, Agellan Capital Partners Inc. ("ACPI") will be the asset manager of the properties owned by the REIT. In addition, the REIT will hire Derek Dermott as the full-time President of the REIT.

The preliminary prospectus has not yet become final for the purpose of a distribution of securities to the public. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale or any acceptance of an offer to buy these securities in any province or territory of Canada prior to the time a receipt for the final prospectus or other authorization is obtained from the securities commission or similar authority in such province or territory. Copies of the preliminary prospectus will be available on the website www.sedar.com.

These securities have not been, and will not be, registered under the United States Securities Act of 1933 (the "U.S. Securities Act"), as amended, and may not be offered, sold or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, "U.S. persons" (as defined in Regulation S under the U.S. Securities Act)

About Agellan Capital Partners Inc
ACPI is a privately held real estate investment management company that acquires and manages commercial real estate assets across the United States and Canada on behalf of its clients. Founded in 2003, ACPI has transacted over $1.3 billion of commercial real estate assets on behalf of its clients and has managed commercial real estate assets totalling up to approximately eight million square feet. ACPI currently acts as the asset manager of 22 of the 23 Initial Properties and will become the asset manager of the REIT following closing of the initial public offering.

About Agellan Commercial Real Estate Investment Trust
Agellan Commercial Real Estate Investment Trust 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.

Forward-Looking Statements

This press release may contain forward-looking statements which reflect management's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected herein. The REIT disclaims any obligation to update these forward-looking statements.

SOURCE: Agellan Commercial Real Estate Investment Trust

Derek Dermott, President
Agellan Commercial Real Estate Investment Trust
Tel: [phone] x269
Fax: [phone]

Frank Camenzuli, CEO
Agellan Commercial Real Estate Investment Trust
Tel: [phone] x226
Fax: [phone]