Allied Properties Real Estate Investment Trust

Allied Properties Real Estate Investment Trust

April 05, 2007 18:04 ET

Allied Properties Real Estate Investment Trust Announces Closing of Class I Office Property Acquisition in Toronto

TORONTO, ONTARIO--(CCNMatthews – April 5, 2007) -

Attention Business Editors:

Allied Properties REIT (TSX:AP.UN) announced today that it has closed the acquisition of 106 Front Street East, a Class I office property located in its Toronto target market. The purchase price of $8 million was funded in part by placement of a first mortgage in the principal amount of $6.15 million for a term of 10 years at an interest rate of 5.26% and payable on an interest-only basis in the first five years of the term and in blended instalments of principal and interest in the last five years of the term based on a 30-year amortization. The balance of the purchase price was funded through the REIT's acquisition line of credit.

Allied Properties REIT is a leading provider of Class I office space in Canada, with portfolio assets in the urban areas of Toronto, Montreal, Winnipeg and Quebec City. 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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