Allied Properties Real Estate Investment Trust

Allied Properties Real Estate Investment Trust

September 01, 2011 19:09 ET

Allied Properties Real Estate Investment Trust Announces Closing of Acquisitions in Calgary

TORONTO, ONTARIO--(Marketwire - Sept. 1, 2011) - Allied Properties REIT (TSX:AP.UN) announced today that it has closed the acquisition of the following properties:

Address Total
Parking Spaces
Alberta Hotel Building, Calgary 47,569 17,325 30,244 -
Fashion Central, Calgary 25,640 - 25,640 -
Art Central, Calgary 27,207 7,803 19,404 -
Cooper Block, Calgary 35,793 35,793 - 34
Total 136,209 60,921 75,288 34

Allied has completed 18 acquisitions in 2011 for $345 million, 13 in Western Canada, four in Toronto and one in Montréal. Less than 12 months ago, Allied had no property west of Winnipeg. Allied now owns nine Class I or heritage properties in Calgary, two in Edmonton, three in Vancouver and one in Victoria with total GLA of 920,686 square feet. When combined with Allied's properties in Winnipeg, they will comprise 17.5% of Allied's total rentable area, with Central Canada (Toronto and Kitchener) comprising 44.3% and Eastern Canada (Montréal and Québec City) the remaining 38.2%.

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.

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