NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION TO THE UNITED
STATES 


Allied Properties REIT (TSX:AP.UN) announced today that it has entered into an
agreement with a syndicate of underwriters led by Scotiabank to issue to the
public, on a bought-deal basis, 3,334,000 units from treasury at a price of
$30.00 per unit for gross proceeds of approximately $100 million. Allied has
also granted the underwriters an option to purchase up to an additional 500,100
units on the same terms and conditions, exercisable at any time, in whole or in
part, for a period of 30 days following the closing of the offering. The issue
will be offered in all provinces of Canada. The units being offered have not
been, and will not be, registered under the U.S. Securities Act of 1933 and
state securities laws. Closing of the offering is expected to occur on or about
August 14, 2012, and is subject to regulatory approvals. Allied intends to use
the net proceeds of the offering to retire high-rate mortgage indebtedness
coming due in August, to fund the build-out of its leased premises at 250 Front
Street West in Toronto, to fund future acquisitions and for general trust
purposes.


"This is a good time to lock-in the cost of equity for our anticipated needs
over the remainder of the year," said Michael Emory, President & CEO. "In
addition, the offering will allow us to improve upon our already conservative
debt and interest-coverage ratios, something we consider to be a very important
part of the overall financial management of our business." 


This press release may contain forward-looking statements with respect to the
REIT, its operations, strategy, financial performance and condition. These
statements generally can be identified by use of forward looking words such as
"may", "will", "expect", "estimate", "anticipate", "intends", "believe" or
"continue" or the negative thereof or similar variations. The actual results and
performance of the REIT discussed herein could differ materially from those
expressed or implied by such statements. Such statements are qualified in their
entirety by the inherent risks and uncertainties surrounding future
expectations, including that the transactions contemplated herein are completed.
Important factors that could cause actual results to differ materially from
expectations include, among other things, general economic and market factors,
competition, changes in government regulations and the factors described under
"Risk Factors" in the Annual Information Form of the REIT which is available at
www.sedar.com. These cautionary statements qualify all forward-looking
statements attributable to the REIT and persons acting on the REIT's behalf.
Unless otherwise stated, all forward-looking statements speak only as of the
date of this press release and the parties have no obligation to update such
statements. 


Allied 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. For further information, please refer
to Allied's website at www.alliedreit.com.
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