Allied Properties Real Estate Investment Trust

TSX : AP.UN


Allied Properties Real Estate Investment Trust

September 03, 2014 08:23 ET

Allied Properties Real Estate Investment Trust Announces Closing of Public Equity Offering

TORONTO, ONTARIO--(Marketwired - Sept. 3, 2014) -

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Allied Properties REIT (TSX:AP.UN) announced today that it has closed its previously announced offering of 4,887,500 units (inclusive of 637,500 units issued pursuant to the exercise in full of the underwriters' over-allotment option) at a price of $35.30 per unit for gross proceeds of just over $172 million. The units were qualified by a short form prospectus dated August 25, 2014, and were underwritten by a syndicate of underwriters led by Scotiabank and including RBC Capital Markets, CIBC, TD Securities Inc., BMO Capital Markets, Desjardins Securities Inc., National Bank Financial Inc., Canaccord Genuity Corp., Dundee Securities Ltd., and Raymond James Ltd.

Allied intends to use the net proceeds of the offering: (a) to repay amounts drawn on a bridge facility used to fund the acquisition of 555 Richmond Street West in Toronto which closed on August 28, 2014; (b) to repay amounts drawn on Allied's credit facility used to fund the acquisition of 460 King Street West in Toronto which closed on August 18, 2014; (c) to repay amounts drawn on Allied's credit facility used for general capital funding related to capital improvements and intensification projects; and (d) for general trust purposes.

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.

Contact Information

  • Allied Properties REIT
    Michael R. Emory
    President and Chief Executive Officer
    (416) 977-0643
    memory@alliedreit.com