Allied Properties Real Estate Investment Trust Announces Closing of Upgrade Opportunity in Vancouver
June 24 2011 - 4:32PM
Marketwired
Allied Properties REIT (TSX: AP.UN) announced today that it has
closed the acquisition of 948 Homer Street, a Class I property with
45,321 square feet of GLA and seven surface parking spaces. The
property is located in Yaletown on the east side of Homer Street,
between Nelson and Smithe Streets and is fully leased to tenants
consistent in character and quality with Allied's tenant base.
While carrying 948 Homer as a rental property, Allied plans to
upgrade the retail component and take advantage of a mark-to-market
opportunity on the office space, all with a view to boosting the
annual NOI materially over a 36-month period.
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.
Contacts: Allied Properties REIT Michael R. Emory President and
Chief Executive Officer (416) 977-0643
memory@alliedpropertiesreit.com
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