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4-Traders Homepage  >  Equities  >  Toronto Stock Exchange  >  Agellan Commercial Real Estate Invtmt TR    ACR.U   CA00844Y1051

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Agellan Commercial Real Estate Investment Trust : Announces the Acquisition of Eight Industrial Properties in Chicago, Illinois and May 2017...

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05/25/2017 | 11:41pm CEST

Agellan Commercial Real Estate Investment Trust Announces the Acquisition of Eight Industrial Properties in Chicago, Illinois and May 2017 Distribution

By a News Reporter-Staff News Editor at Real Estate Weekly News -- Agellan Commercial Real Estate Investment Trust: NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISTRIBUTION IN THE UNITED STATESAgellan Commercial Real Estate Investment Trust (the "REIT") (TSX: ACR.UN) announced that it has entered into an agreement to purchase (the "Acquisition") eight industrial properties located throughout suburban Chicago, Illinois (the "Acquired Properties").

The Acquisition comprises approximately 314,000 square feet of gross leasable area and was acquired for an aggregate purchase price of approximately US$28.0 million (before closing costs), representing a going-in capitalization rate of approximately 7.7%.

The Acquired Properties are fully leased to 17 tenants and have a remaining weighted average lease term of approximately 4.6 years. The REIT expects to finance the Acquisition by drawing down on its operating credit facility and by obtaining a first mortgage. Acquisition Highlights The Acquisition is expected to be immediately accretive to the REIT's adjusted funds from operations ("AFFO") per unit.

The Acquired Properties are well-located throughout several key industrial sub-markets in suburban Chicago, the largest industrial market in the United States.

The Acquired Properties reflect a diverse tenant roster, with the largest tenant occupying only 14.3% of the gross leasable area of the Acquired Properties.

While the Chicago industrial market has experienced recent supply increases in the "big box distribution" sector, the Acquired Properties, offer a differentiated product that has experienced consistent demand.

"The REIT is excited to expand its presence in the Greater Chicago Area with this acquisition," said Frank Camenzuli, Chief Executive Officer of the REIT. "The Chicago industrial market is the largest industrial market in the U.S. and the REIT expects to benefit from acquiring these high quality U.S. industrial assets."

The transaction is expected to close prior to end of the second quarter. Closing of the transaction is subject to certain closing conditions typical for a transaction of this type. There can be no assurance that all conditions to closing will be satisfied or waived. May 2017 Distribution The REIT also announced that its Board of Trustees has declared a distribution of $0.06458 per unit for the month of May, 2017, representing $0.775 per unit on an annualized basis. The distribution will be payable on June 15, 2017 to unitholders of record as at May 31, 2017.

The REIT offers a distribution reinvestment plan ("DRIP") to unitholders whereby the participants may elect to have their cash distributions used to purchase trust units of the REIT. Unitholders wishing to participate should contact their investment advisors to enroll in the DRIP. 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 36 properties contain 6.7 million square feet of gross leasable area, with the REIT's ownership interest at 6.3 million square feet. The properties are located in major urban markets in the United States and Canada.

Keywords for this news article include: Investment and Finance, Agellan Commercial Real Estate Investment Trust.

Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2017, NewsRx LLC

(c) 2017 NewsRx LLC, source Business Newsletters

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Financials ( CAD)
Sales 2017 103 M
EBIT 2017 -
Net income 2017 38,8 M
Debt 2017 395 M
Yield 2017 6,48%
P/E ratio 2017 -
P/E ratio 2018
EV / Sales 2017 7,70x
EV / Sales 2018 7,13x
Capitalization 394 M
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Number of Analysts 6
Average target price 12,4  CAD
Spread / Average Target 3,1%
Managers
NameTitle
Frank Camenzuli Chief Executive Officer & Non-Independent Trustee
Richard Dansereau Chairman
Daniel Millett Chief Financial Officer
Anthony Messina Independent Trustee
Glen Ladouceur Independent Trustee
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