October 03, 2016 19:04 ET
HOPKINS, MINNESOTA--(Marketwired - Oct. 3, 2016) - NAREP II Canadian REIT Holdings I L.P. ("NAREP II") announced that NAREP II, together with NAREP Canadian REIT Holdings I L.P. ("NAREP I") and certain funds affiliated with NAREP II and NAREP I (collectively with NAREP II and NAREP I, the "Sellers"), entered into an agreement on September 30, 2016 with a third party purchaser pursuant to which the Sellers have agreed to sell to the purchaser, and the purchaser has agreed to purchase from the Sellers, a total of 3,743,846 units of Agellan Commercial Real Estate Investment Trust (the "Issuer"), representing approximately 13.4% of the currently outstanding units of the Issuer. The Sellers have agreed to sell the units to the purchaser at a price of CAD$9.82 per unit, for total gross proceeds of CAD$36,764,567.72, subject to a purchase price reduction for the Issuer's monthly distribution for September 2016 payable to holders of record as of September 30, 2016. The units will be sold to the purchaser in a private sale. The Sellers are funds managed by CarVal Investors.
Prior to closing of the sale, the Sellers hold 3,743,846 units of the Issuer, representing approximately 13.4% of the currently outstanding units of the Issuer. Such units were acquired by the Sellers in connection with the initial public offering of the Issuer completed on January 25, 2013.
As the units to be sold represent all of the units of the Issuer owned by the Sellers, the Sellers will no longer hold any units of the Issuer immediately following closing of the sale.
Closing of the sale is subject to customary closing conditions and is expected to occur on or about October 5, 2016. The Sellers are selling the units of the Issuer as part of its portfolio management strategy.
For more information or to obtain a copy of theearly warning report relating to the sale, contact:Lynne Malknecht, Executive Manager, NAREP IICanadian REIT Holdings II GP, LLC, as generalpartner of NAREP II Canadian REIT Holdings I L.P.Phone: (952) 984-3082
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