Allied Properties Real Estate Investment Trust

Allied Properties Real Estate Investment Trust

April 16, 2012 16:37 ET

Allied Properties Real Estate Investment Trust Announces Closing of Toronto Acquisitions

TORONTO, ONTARIO--(Marketwire - April 16, 2012) - Allied Properties REIT (TSX:AP.UN) announced today that it has closed the previously announced acquisition of the following properties:

Address Total Office Retail Parking
57 Spadina Avenue 33,302 16,170 17,132 0
78 Spadina Avenue 0 0 0 45
80-82 Spadina Avenue 69,112 53,103 16,009 0
379 Adelaide Street West 36,125 36,125 0 0
383 Adelaide Street West 7,500 2,500 5,000 0
Total 146,039 107,898 38,141 45

The purchase price for the properties was $42 million. Concurrently with closing, Allied placed mortgage financing on the properties in the aggregate principal amount of $29 million for terms ranging from two to three years, bearing interest at a variable rate in reference to bankers' acceptance, currently 3.25% per year on a blended basis, and payable as to interest only during the terms.

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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