Allied Properties Real Estate Investment Trust
TSX : AP.UN

Allied Properties Real Estate Investment Trust

January 03, 2008 09:09 ET

Allied Properties Real Estate Investment Trust Announces Closing of $60 Million Public Equity Offering

TORONTO, ONTARIO--(Marketwire - Jan. 3, 2008) -

NOT FOR DISTRIBUTION IN THE UNITED STATES

Allied Properties REIT (TSX:AP.UN) announced today that it has closed the previously announced offering of 2,900,000 units at a price of $20.75 per unit for gross proceeds of just over $60 million. The units were qualified by a short form prospectus dated December 12, 2007, and were underwritten by a syndicate of underwriters led by Scotia Capital Inc.

The REIT intends to use the net proceeds of the offering to repay amounts drawn on its acquisition line of credit, to fund a portion of the purchase price for previously announced acquisitions scheduled to close in January 2008 and for general corporate purposes.

Allied Properties REIT is the leading provider of Class I office space in Canada, with portfolio assets in the urban areas of Toronto, Montreal, Winnipeg and Quebec City. The objectives of the REIT are to provide stable and growing cash distributions to unitholders and to maximize unitholder value through effective management and accretive portfolio growth.

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