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Provider: Reuters Investment Profile
Provider: Thomson Reuters Stock Report
Provider: Directors Deals Ltd.
Provider: Thomson Reuters Stock Report

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Agellan Commercial REIT Completes $134.6 Million Initial Public Offering; Announces Cash Distributions

Friday, 25 Jan 2013 09:32am EST 

Agellan Commercial REIT announced that it has completed initial public offering of 13,461,943 units at a price of $10.00 per unit. The offering raised gross proceeds of approximately $134.6 million and was underwritten by a syndicate of underwriters co-led by BMO Capital Markets and CIBC. BMO Capital Markets was the sole bookrunner on the transaction. The REIT and the retained interest holders have granted the underwriters an over-allotment option, exercisable for a period of 30 days following the closing, to purchase up to an additional 2,019,292 units at a price of $10.00 per unit which, if exercised in full, would increase the total gross proceeds of the offering to the REIT and the retained interest holders to approximately $154.8 million. The units will commence trading on the Toronto Stock Exchange under the symbol ACR.UN on January 25, 2013. The REIT intends to make monthly cash distributions to unitholders at a rate of $0.065 per unit, which are initially expected to provide an annual yield of 7.75%. The first cash distribution, which will be for the period from the date of closing of the offering to February 28, 2013, is expected to be paid on or about March 15, 2013 to unitholders of record on February 28, 2013, in an amount estimated to be approximately $0.079 per unit. 

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