Business & Finance
Business and Finance
Business and Finance
Fri, February 17, 2012
Thu, February 16, 2012 Allied Properties Real Estate Investment Trust Announces Closing of Acquisitions and Disposition of Non-Core Asset
February 16, 2012 16:51 ET
Allied Properties Real Estate Investment Trust Announces Closing of Acquisitions and Disposition of Non-Core Asset
TORONTO, ONTARIO--(Marketwire - Feb. 16, 2012) - Allied Properties REIT (TSX:AP.UN) announced today that it has closed the acquisition of the following properties:
| Address | Total GLA | Office GLA | Retail GLA | Parking Spaces |
| Leeson and Lineham Block, Calgary | 30,481 | 25,305 | 5,176 | 4 |
| Land Lease, The Chambers, Ottawa | 211,861 | 195,991 | 15,870 | 144 |
| Total | 242,342 | 221,296 | 21,046 | 148 |
Allied announced the agreements to acquire these properties in November of last year, along with an agreement to acquire the Westcoast Building in Calgary. On completion of due-diligence, Allied elected not to proceed with the acquisition of the Westcoast Building.
Allied also announced that it has closed the sale of 67 Richmond Street West in Toronto. This was a non-core asset that had no ongoing strategic significance in the context of Allied's portfolio.
Allied Properties REIT is a leading owner, manager and developer of urban office environments that enrich experience and enhance profitability for business tenants operating in Canada's major cities. Its objectives are to provide stable and growing cash distributions to unitholders and to maximize unitholder value through effective management and accretive portfolio growth.
