Allied Properties Real Estate Investment Trust

Allied Properties Real Estate Investment Trust

January 11, 2008 14:15 ET

Allied Properties Real Estate Investment Trust Announces Closing of Acquisitions and Relocation of Head Office to 255 Adelaide Street West in Toronto

TORONTO, ONTARIO--(Marketwire - Jan. 11, 2008) - Allied Properties REIT (TSX:AP.UN) announced today that it has completed the previously announced acquisitions of 544 King Street West and 7-9 Morrison Street in Toronto and 72 Victoria Street in Kitchener. This brings the REIT's total portfolio to nearly five million square feet of GLA with the Toronto component representing over 50% of the total.

The REIT also announced today that, effective Monday, January 14, 2008, its head office will be relocated to 255 Adelaide Street West, Toronto, M5H 1X9. The REIT's phone and fax numbers remain unchanged, as do the e-mail addresses of the REIT's personnel. The new head office includes the basement, ground and second floors of 255-257 Adelaide Street West, a property the REIT acquired on June 28, 2006, for redevelopment. In accordance with the REIT's policy on properties under development, 255-257 Adelaide Street West became a rental property for accounting purposes on July 1, 2007.

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, Quebec City and Kitchener. 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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