AP.UN Allied Properties Real Estate Investment Trust

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UNITED STATES OF AMERICA


Allied Properties REIT (TSX:AP.UN) announced today that it has closed its
previously announced offering of 3,850,000 units (inclusive of 375,000 units
issued pursuant to the exercise in full of the underwriters' over-allotment
option) at a price of $26.00 per unit for gross proceeds of just over $100
million. The units were qualified by a short form prospectus dated March 28,
2012, and were underwritten by a syndicate of underwriters led by Scotia Capital
Inc. and including RBC Dominion Securities Inc., CIBC World Markets Inc., BMO
Nesbitt Burns Inc., TD Securities Inc., Macquarie Capital Markets Canada Ltd.,
National Bank Financial Inc., Canaccord Genuity Corp., Desjardins Securities
Inc., and Dundee Securities Ltd.


Allied intends to use the net proceeds of the offering to fund a portion of the
purchase price for the acquisitions announced on March 15, 2012, and for general
trust purposes.


Allied also announced today that it has closed the previously announced
acquisitions of 535 Yates Street in Victoria and The Woodstone Building in
Calgary and that it has closed the sale of 163-167 Garry Street in Winnipeg for
$600,000. An incidental part of a portfolio acquired in late 2006, 163-167 Garry
was a very small, non-core asset that had no strategic significance in the
context of Allied's portfolio.


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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