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Agellan Commercial raises existing credit facility to C$140M

Agellan Commercial REIT increased the maximum available funds under its existing credit facility to C$140.0 million from C$120.0 million and extended its maturity to Jan. 25, 2020.

Using funds from the facility, the diversified real estate investment trust will acquire a 58,000-square-foot industrial property in Laurel, Md., for US$5,280. The deal, signed Jan. 9, represents a capitalization rate of 8.1%, according to the company's 2017 fourth-quarter earnings release.

The asset is 92% leased to six tenants for a weighted average lease term of 4.6 years, and the deal is expected to be completed toward the end of the first quarter.