Dickinson Wright Assists Agellan Commercial Real Estate Investment Trust (REIT) in Launching $135 Million REIT
March 13, 2013
Dickinson Wright is pleased to announce that Agellan Commercial Real Estate Investment Trust (REIT) completed an initial public offering of 13,461,943 units for gross proceeds of approximately $134.6 million.
Dickinson Wright, through offices in Canada and the United States, represented the REIT in respect to corporate, real estate and finance matters with a team that included Douglas Benson, Leslee Lewis, Michael Raymond, Mark Redinger, Andrew MacLeod, Harlan Robins, Katheryne Zelenock, Michael Bridges, Amy Kwiatkowski, and Amy Gras.
The units were sold to a syndicate of underwriters co-led by BMO Capital Markets and CIBC and included RBC Dominion Securities Inc., TD Securities Inc., GMP Securities L.P., National Bank Financial Inc., Raymond James Ltd., Scotia Capital Inc. and Canaccord Genuity Corp. The underwriters have an option to purchase up to an additional 2,019,292 units from the REIT and the retained interest holders at a price of $10.00 per unit for a period of 30 days after closing the offering 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 net proceeds of the offering were used by the REIT to acquire 23 properties comprising 18 industrial properties containing 2.8 million square feet of gross leasable area (GLA), four office properties containing 1.4 million square feet of GLA and one retail property containing 45,000 square feet of GLA. Agellan Capital Partners Inc. will provide asset management and certain administrative services to the REIT.
The REIT was formed to own and operate industrial, office and retail properties in the United States and Canada.
Dickinson Wright’s practice structure allows our firm to seamlessly assist clients on both sides of the border in connection with a wide variety of cross-border transactions and activities.