TORONTO, Sept. 20, 2017 /CNW/ - Agellan Commercial Real
Estate Investment Trust (the "REIT" or "Agellan") (TSX: ACR.UN)
announced today that its board of trustees (the "Board") received a
unitholder requisition on September 19,
2017 requesting that the REIT call a special meeting of the
REIT's unitholders for the purpose of reconstituting the Board with
five new trustees and seeking an advisory vote of unitholders in
respect of the REIT's previously announced agreement to internalize
management.
The unitholder making the requisition, Sandpiper Real Estate
Fund Limited Partnership, has advised the REIT that it owns,
directly or indirectly, 10% of the outstanding units of the
REIT.
A special committee of the Board comprised of independent
trustees is reviewing and considering the requisition with its
professional advisors. It will respond appropriately in due course.
In the meantime, there is no need for unitholders of the REIT to
take any action.
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 44 properties contain 7.0 million square feet of
gross leasable area, with the REIT's ownership interest at 6.7
million square feet. The properties are located in major urban
markets in the United States and
Canada.
Additional information about the REIT is available at
www.agellancommercialreit.com or www.sedar.com.
For more information please contact:
Agellan Commercial Real Estate Investment Trust
156
Front St W, Suite 303
Toronto, ON M5J 2L6
Tel: (416) 593-6800
Fax: (416) 593-6700
Email: info@agellancapital.com
Laurel Hill Advisory Group
Toll free in North America:
1-877-452-7184
Collect Outside North America: 416-304-0211
Email: assistance@laurelhill.com
SOURCE Agellan Commercial Real Estate Investment Trust