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 7,600,000 units at a price of $16.50 per unit
for gross proceeds of just over $125 million. The units were qualified by a
short form prospectus dated September 25, 2009, and were underwritten by a
syndicate of underwriters led by Scotia Capital Inc. and including RBCDominion
Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., Genuity
Capital Markets, National Bank Financial Inc., Canaccord Capital Corporation and
Dundee Securities Corporation.


The REIT intends to use the net proceeds of the offering to repay amounts drawn
on its acquisition line of credit and to fund a portion of the purchase price
for the previously announced acquisition of 151 Front Street West in Toronto,
which is scheduled to close on or before October 28, 2009. 


Allied Properties REIT is the leading provider of Class I office space in
Canada, with portfolio assets in the urban areas of Toronto, Montreal, Winnipeg,
Quebec City and Kitchener-Waterloo. 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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