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El-Ad to acquire Agellan
Transactions - NOVEMBER 15, 2018

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El-Ad to acquire Agellan

by Andrea Zander

Agellan Commercial Real Estate Investment Trust has announced an arrangement agreement pursuant to which Elad Genesis Limited Partnership, an affiliate of El-Ad Group, has agreed to acquire all of the outstanding trust units of Agellan for C$14.25 ($10.79) in cash per unit. The deal values the REIT at approximately C$680 million ($515 million), including net debt.

Agellan noted that the transaction is the culmination of a comprehensive strategic review process that the REIT commenced following the sale of its Parkway Place property. As part of the strategic review process, the REIT and its advisers contacted approximately 100 potential financial and strategic purchasers and the consideration offered in the transaction represents the highest offer received in the process.

The board of Agellan unanimously approved the transaction and recommended that unitholders vote in favor of the transaction.

The deal is expected to be completed in February 2019.

Accordi

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