AP.UN Allied Properties Real Estate Investment Trust

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 
----------------------------------------------------------------------------
 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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