Elad Canada Pays $36M For Stake In Agellan Commercial REIT
Elad Canada is set to acquire a 13.4% interest in Agellan Commercial REIT, a Toronto-based trust that owns/operates a 5M SF portfolio of 33 industrial, office and retail properties across North America. Approximately 3.74 million units of the REIT will be acquired by Elad Genesis LP, a wholly owned subsidiary, for $36.7M. Elad CEO Rafael Lazer, whom we recently spoke to about his firm’s development plans, says Agellan units are undervalued and represent a compelling investment opportunity. His group has been impressed with the real estate platform Agellan’s built, and believes there’s “significant potential growth” for unitholder value.