AP.UN Allied Properties Real Estate Investment Trust

NOT FOR DISTRIBUTION IN THE UNITED STATES

Allied Properties REIT (TSX:AP.UN) announced today that it has closed the
previously announced offering of 2,850,000 units at a price of $21.25 per unit
for gross proceeds of approximately $61 million. The units were qualified by a
short form prospectus dated June 13, 2008, and were underwritten by a syndicate
of underwriters led by Scotia Capital Inc.


The REIT intends to use the net proceeds of the offering to fund a portion of
the purchase price for previously announced acquisitions scheduled to close on
or about July 2, 2008, and August 1, 2008, and to reduce the amount outstanding
under its revolving credit facility.


Allied Properties REIT is the leading owner and manager of Class I office
properties in Canada, with portfolio assets in the urban areas of Toronto,
Montreal, Winnipeg, Quebec City and Kitchener. The objectives of the REIT are to
provide stable and growing cash distributions to unitholders and to maximize
unitholder value through effective management and accretive portfolio growth.

Allied Properties Real E... (TSX:AP.UN)
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Allied Properties Real E... (TSX:AP.UN)
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