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Agellan Commercial closes C$256M Toronto property sale

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Agellan Commercial closes C$256M Toronto property sale

Agellan Commercial REIT completed the roughly C$256.3 million sale of Parkway Place in Toronto to an unidentified third-party buyer.

The consideration, which excludes closing costs, is subject to certain adjustments relating to committed leasing costs, among other things.

Parkway Place features an office property that spans roughly 824,000 square feet, about 42,000 square feet of retail space and a parking garage on Consumers Road.

The Canadian real estate investment trust also agreed to take up certain vacant retail space at the property for approximately C$2.8 million under a two-year vendor head lease with the buyer.

Proceeds from the sale will be used to repay the REIT's outstanding debt, acquire U.S. industrial assets, fund the cash portion of a special distribution to unit holders and for general business and working capital purposes.