Allied Properties Real Estate Investment Trust Announces Closing of Toronto Acquisitions
April 16 2012 - 4:37PM
Marketwired Canada
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
GLA GLA GLA Spaces
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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
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Total 146,039 107,898 38,141 45
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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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