Allied Properties Real Estate Investment Trust Announces Completion of Class I Office Acquisitions in Western Canada
23 December 2010 - 11:49PM
Marketwired
Allied Properties REIT (TSX: AP.UN) announced today that it has
completed the acquisition of the following Class I office
properties for $39.4 million:
Address Total GLA Office GLA Retail GLA Parking Spaces
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123 Bannatyne Avenue, 20,511 20,511 0 0
Winnipeg
840 Cambie Street, 91,746 91,746 0 20
Vancouver
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Total 112,257 112,257 0 20
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"This brings our total acquisitions in 2010 to over $100
million, which falls within our target range for the year," said
Michael Emory, President & CEO. "More importantly, we
established two new target markets in 2010, downtown Calgary and
downtown Vancouver, and propelled our urban office platform to a
national scale. We believe this bodes well for our growth prospects
going forward."
This press release may contain forward-looking statements with
respect to Allied, 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 Allied 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. 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
Allied and persons acting on Allied'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 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, Calgary and Vancouver.
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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