Allied Properties Real Estate Investment Trust to Participate in Mixed-Use Intensification Project in Downtown Calgary
05 July 2013 - 2:43AM
Marketwired
Allied Properties REIT (TSX:AP.UN) announced today that it has
entered into a joint venture with TELUS and Westbank to develop
TELUS Sky on the northeast corner of 7th Avenue SW and Centre
Street SW. Designed to a LEED Platinum standard, the development
will be comprised of approximately 430,000 square feet of office
space, 275,000 square feet of rental apartments, 15,000 square feet
of retail space and 285 underground parking spaces. TELUS is
expected to lease approximately 155,000 square feet of space in the
office component of the development.
Allied will contribute its property at 100 - 7th Avenue SW to
the joint venture, and TELUS will contribute its adjacent property
at 114 - 7th Avenue SW. This is expected to occur in June of 2014.
Each of TELUS, Westbank and Allied will have an undivided one-third
interest in the joint venture.
Westbank will act as development manager. Bjarke Ingels Group
(BIG) and DIALOG have been retained as architects for the
development. Westbank and the architects are working toward
obtaining the necessary municipal approvals. The joint venture
expects to commence construction in July of 2014 and to complete
the development in 2017.
Westbank and Allied will provide property management and asset
management services, respectively, to the joint venture. They may,
with a view to optimizing efficiency for the joint venture,
reallocate services amongst themselves with corresponding
reallocation of fees.
"This is yet another example of how value-creation opportunities
arise from owning underutilized sites in the urban areas of major
Canadian cities," said Michael Emory, President & CEO. "Not
only are we excited about the prospect of creating value for our
unitholders, we consider it a privilege to be collaborating with
two outstanding Canadian organizations, TELUS and Westbank."
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, 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 Allied's Annual Information Form,
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 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.
TELUS (TSX:T)(NYSE:TU) is a leading national telecommunications
company in Canada, with $11 billion of annual revenue and 13.2
million customer connections, including 7.7 million wireless
subscribers, 3.4 million wireline network access lines, 1.4 million
Internet subscribers and 712,000 TELUS TV customers. Led since 2000
by President and CEO, Darren Entwistle, TELUS provides a wide range
of communications products and services, including wireless, data,
Internet protocol (IP), voice, television, entertainment and
video.
Established in 1992 and with over $5 billion of projects
completed or under development, Westbank is active across Canada in
a diversity of product types from luxury condominiums, rental
apartment office, commercial, retail, hotel, non-market housing and
industrial. Westbank's primary focus is on large mixed use projects
involving highly complex entitlement processes. Westbank is best
known for being the leading luxury residential developer in Canada,
along with being the owner/developer of the finest hotels in
Canada. Some of its best known projects include Shangri-la
Vancouver, Shangri-la Toronto, Fairmont Pacific Rim and the
Woodward's Redevelopment project.
Contacts: Allied Properties Real Estate Investment Trust Michael
R. Emory President and Chief Executive Officer (416)
977-0643memory@alliedreit.com
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