Allied Properties Real Estate Investment Trust

Allied Properties Real Estate Investment Trust

September 15, 2010 08:58 ET

Allied Properties Real Estate Investment Trust Announces Closing of Public Equity Offering and Exercise of Over-Allotment Option

TORONTO, ONTARIO--(Marketwire - Sept. 15, 2010) -


Allied Properties REIT (TSX:AP.UN) announced today that it has closed the previously announced offering of 2,732,400 units (inclusive of 356,400 units issued pursuant to the exercise in full of the underwriters' over-allotment option) at a price of $21.05 per unit for gross proceeds of just over $57.5 million. The units were qualified by a short form prospectus dated September 8, 2010, and were underwritten by a syndicate of underwriters led by Scotia Capital Inc. and including RBC Dominion Securities Inc., CIBC World Markets Inc., Canaccord Genuity Corp., National Bank Financial Inc., Dundee Securities Corporation, Macquarie Capital Markets Canada Ltd. and Desjardins Securities Inc.

The REIT intends to use the net proceeds of the offering to pay down its acquisition line of credit.

Allied Properties REIT is a leading owner, manager and developer of urban office environments that enrich experience and enhance profitability for business tenants operating from Toronto, Montréal, Winnipeg, Québec City, Kitchener-Waterloo and Calgary. 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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