Agellan Commercial REIT announces the early renewal of 92,618 square foot tenant in Columbus, Ohio

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TORONTO, March 20, 2013 /CNW/ - Agellan Commercial Real Estate Investment Trust (the "REIT") (TSX:ACR.UN) confirmed today that it has entered into a lease for the early renewal of 92,618 square feet of space in the Columbus Business Park in Columbus, Ohio.  The tenant is the eighth largest tenant in the REIT's portfolio, and represents approximately 2.2% of the REIT's total rentable area. The tenant has committed to an additional five-year term, expiring in 2019, at favourable rental rates. The renewal decreases the REIT's 2014 expiring gross leasable area by 23.9%.

"We continue to see strong leasing momentum across our portfolio as evidenced by this early renewal. This deal will result in lower near term leasing risk and ties up a high quality tenant for a longer term, which is consistent with our strategy of creating value and minimizing risk for unit holders." Says CEO Frank Camenzuli.

About Agellan Commercial Real Estate Investment Trust

Agellan REIT is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario. Agellan REIT has been created for the purpose of acquiring and owning industrial, office and retail properties in select target markets in the United States and Canada.

Agellan REIT's current portfolio aggregates approximately 4.2 million square feet of gross leasable area in 23 properties. The properties are located in Texas (fifteen properties), Ontario (3 properties) and one property in each of Quebec, Illinois, Indiana, Maryland and Ohio.

Forward-Looking Statements

This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects the REIT's current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT's control and which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under "Risk Factors" in the final prospectus of the REIT dated January 17, 2013. The REIT does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

SOURCE: Agellan Commercial Real Estate Investment Trust

For further information:

Derek Dermott, President
Agellan Commercial Real Estate Investment Trust
Tel: (416) 593-6800 x269
Fax: (416) 593-6700

Frank Camenzuli, CEO|
Agellan Commercial Real Estate Investment Trust
Tel: (416) 593-6800 x226
Fax: (416) 593-6700

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Agellan Commercial Real Estate Investment Trust

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