Agellan REIT Falls 1% in Trading Debut After C$134.6 Million IPO

Agellan Commercial Real Estate Investment Trust (ACR-U) fell 1 percent in its Toronto trading debut after raising C$134.6 million ($133.4 million) in its initial public offering.

Agellan units traded at C$9.90 each at 10:01 a.m. on the Toronto Stock Exchange, below its initial C$10 unit price. The Toronto-based REIT on Jan. 17 sold 13.5 million units that yielded 7.75 percent in its initial offering, the first Canadian IPO of the year.

Agellan was formed to own and operate industrial, office and retail properties in the U.S. and Canada. Bank of Montreal and Canadian Imperial Bank of Commerce led a group of banks on the sale. The banks have an option to sell an additional 15 percent of the offering, which would raise the total amount to C$154.8 million.

To contact the reporter on this story: Doug Alexander in Toronto at dalexander3@bloomberg.net

To contact the editors responsible for this story: David Scheer at dscheer@bloomberg.net; David Scanlan at dscanlan@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.