Allied Properties Real Estate Investment Trust Announces Closing of Calgary Acquisitions

TORONTO, ONTARIO--(Marketwire - April 18, 2011) - Allied Properties REIT (TSX:AP.UN) announced today that it has closed the following acquisitions:

Located adjacent to the Lougheed Building, which Allied acquired last year, the Telephone Building (119 – 6^th Avenue S.W.) is a Class I property comprised of 62,700 square feet of GLA and 25 underground parking spaces. Located amidst well restored heritage properties on the Stephen Avenue Mall, the Bang & Olufsen Building (129 – 8^th Avenue S.W.) is comprised of 8,474 square feet of GLA and three surface parking spaces. The properties are fully leased to tenants consistent in character and quality with Allied's tenant base, including Scotia Capital and Worley Parsons.

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.