Allied Properties Real Estate Investment Trust
TSX : AP.UN

Allied Properties Real Estate Investment Trust

August 15, 2011 17:16 ET

Allied Properties Real Estate Investment Trust Announces Closing of Acquisitions in Western Canada and Toronto

TORONTO, ONTARIO--(Marketwire - Aug. 15, 2011) - 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
Sun Tower, Vancouver 81,300 75,342 5,958 -
Kipling Square, Calgary 44,940 44,940 - 13
Revillon Boardwalk Building, Edmonton 255,217 224,423 30,794 224
60 Adelaide Street East, Toronto 110,154 105,155 4,999 17
184 Front Street East, Toronto 86,920 80,674 6,246 54
Total 578,531 455,192 47,997 308

Allied has completed or announced 19 acquisitions in 2011 for $350 million, 13 in Western Canada, five in Toronto and one in Montréal. Less than 12 months ago, Allied had no property west of Winnipeg. On closing of the remaining three previously announced acquisitions, Allied will own nine Class I or heritage properties in Calgary, two in Edmonton, three in Vancouver and one in Victoria with total rentable area of 910,495 square feet. When combined with Allied's properties in Winnipeg, they will comprise 13% of Allied's total rentable area, with Central Canada (Toronto and Kitchener) comprising 46% and Eastern Canada (Montréal and Québec City) the remaining 41%.

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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