TORONTO — Elad Canada has announced it has completed a $400-million takeover bid of U.S.-based Agellan Commercial Real Estate Investment Trust.
A Feb. 20 statement said the takeover signals Elad Canada’s emergence as a “significant player in the North American market.”
The company is part of the Elad Group global conglomerate. The release said its recent focus has been on acquiring income-producing properties and developing residential and mixed-use projects in Toronto and Montreal, owning close to 5.9-million square feet of commercial space, 17,000 apartments and senior home units and “successfully developing thousands of multi-family and condominium residential units.”
Elad Canada’s Galleria on the Park project at Dupont and Dufferin streets in Toronto, currently approaching a launch, will include a community hub, seven-acre park, approximately 2,900 residential units and 300,000 square feet of retail.
The firm has also recently acquired the 15-acre Lansing Square, a 400,000-square-foot office complex in North York intended to be developed as a mixed-use master-planned community.
Elad Canada is also the developer of Emerald City, a master-planned community at Sheppard Avenue East in Toronto that will include 3,000 residential units and a community centre.
Agellan’s portfolio includes 44 income-producing properties located in 11 urban markets in the United States. Approximately 85 per cent of the REIT’s assets are classified as light industrial properties and include flex and show rooms and logistics and distribution centres. The remainder of the portfolio are office buildings.