Allied Properties Real Estate Investment Trust
TSX : AP.UN

Allied Properties Real Estate Investment Trust

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.

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