Agellan Commercial REIT announces the exercise of the over-allotment option associated with its recently completed initial public offering of trust units
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, Feb. 25, 2013 /CNW/ - Agellan Commercial Real Estate Investment Trust (the "REIT") (TSX:ACR.UN) announced today that pursuant to the underwriting agreement dated January 17, 2013 between the REIT and a syndicate of underwriters co-led by BMO Capital Markets and CIBC, the underwriters have exercised their option to purchase 1,659,291 additional units of the REIT at a price of $10.00 per unit from the REIT and the retained interest holders. Of the 1,659,291 additional units to be purchased, 313,097 units will be purchased from the REIT and 1,346,194 will be purchased from the retained interest holders.
The net proceeds to the REIT from the exercise of the over-allotment option of will be used by the REIT either to reduce debt or for general trust purposes. The closing of the over-allotment option will be completed on or about February 27, 2013.
The units have not been, nor will they be, registered under the United States Securities Act of 1933, 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 United States Securities Act of 1933, as amended). This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the units in the United States or to, or for the account or benefit of, U.S. Persons.
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 information within the meaning of applicable securities legislation, which reflects the REIT's current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT's control and which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under "Risk Factors" in the final prospectus of the REIT dated January 17, 2013. The REIT does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
SOURCE: Agellan Commercial Real Estate Investment Trust
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Derek Dermott, President
Agellan Commercial Real Estate Investment Trust
Tel: (416) 593-6800 x269
Fax: (416) 593-6700
Frank Camenzuli, CEO
Agellan Commercial Real Estate Investment Trust
Tel: (416) 593-6800 x226
Fax: (416) 593-6700
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