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.
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
Laurel Hill Advisory Group
Toll free in North America: 1-877-452-7184
Collect Outside North America: 416-304-0211
SOURCE Agellan Commercial Real Estate Investment Trust
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