On October 2, 2017, Agellan Commercial Real Estate Investment Trust (the “REIT”) (TSX: ACR.UN) announced the closing of its previously announced disposition of a portion of its Consumers Road office complex in Toronto, Ontario (“Parkway Place”).
The transaction involved the disposition of the REIT’s partnership interest in 165 Yorkland LP, a limited partnership established by the REIT to own a car dealership and corporate head office at Parkway Place pursuant to a lease agreement with Porsche Cars Canada, Ltd. The REIT disposed of its partnership interest for approximately $42.2 million before transaction costs, working capital adjustments and holdbacks.
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.
Miller Thomson advised the REIT in this transaction with a team that included Michael Wren, Ana Jordao and Richard Blundell (real estate); Rosa Mauro (construction / procurement); Anna Balinsky, Corey Yermus and Konstantin Starostin (corporate); and Ron Choudhury and Neil Gurmukh (tax).
