Allied Properties Real Estate Investment Trust Announces Closing of Class I Office Acquisitions in Toronto
September 30 2010 - 2:34PM
Marketwired
Allied Properties REIT (TSX: AP.UN) announced today that it has
closed the acquisition of 49 Front Street East and 252-264 Adelaide
Street East in downtown Toronto. Located on the south side of Front
Street and one building east of Allied's Beardmore and
Perkins/Dixon buildings, 49 Front Street East is a Class I office
property with 19,936 square feet of GLA. Located on the north side
of Adelaide Street East, just east of Jarvis Street, 252-264
Adelaide Street East is a Class I office property with 50,217
square feet of GLA. Both properties are fully leased to tenants
consistent in character and quality with Allied's tenant base and
are historically designated. The Adelaide property comes with the
right to purchase 20 underground parking spaces at $25,000 per
space upon completion of the adjacent condominium project and the
right to use 20 surface parking spaces at no cost in the interim.
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,
Montreal, Winnipeg, Quebec 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.
Contacts: Allied Properties REIT Michael R. Emory President and
Chief Executive Officer (416) 977-9002
memory@alliedpropertiesreit.com
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