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Agellan Sells Stake In Porsche Dealership At Parkway Place


Agellan Commercial REIT is selling its stake in a new Porsche Cars Canada dealership and corporate HQ at its Parkway Place office complex on Consumers Road. The trust sold 165 Yorkland LP, a limited partnership it created to own and operate the facility, to an undisclosed buyer. The deal is set to close in Q2 2017, and Agellan noted it's subject to conditions that include the REIT substantially completing construction of the dealership, and the occupancy of Porsche. The REIT says the disposition is consistent with its capital recycling strategy, selling an asset no longer aligned with its core focus to fund new investments.