Agellan REIT Unchanged in Debut After C$134.6 Million IPO

Agellan Commercial Real Estate Investment Trust was unchanged in its Toronto trading debut after raising C$134.6 million ($133.8 million) in its initial public offering.

Agellan units closed at C$10 each at 4 p.m. on the Toronto Stock Exchange. The REIT last week sold 13.5 million units that yielded 7.75 percent for C$10 each in its initial offering, the first Canadian IPO of the year.

Agellan, based in Toronto, 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.

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