AP.UN Allied Properties Real Estate Investment Trust

Allied Properties REIT (TSX:AP.UN) announced today that it has closed the
acquisition of 49 Front Street East and 252-264 Adelaide Street East in downtown
Toronto. Located on the south side of Front Street and one building east of
Allied's Beardmore and Perkins/Dixon buildings, 49 Front Street East is a Class
I office property with 19,936 square feet of GLA. Located on the north side of
Adelaide Street East, just east of Jarvis Street, 252-264 Adelaide Street East
is a Class I office property with 50,217 square feet of GLA. Both properties are
fully leased to tenants consistent in character and quality with Allied's tenant
base and are historically designated. The Adelaide property comes with the right
to purchase 20 underground parking spaces at $25,000 per space upon completion
of the adjacent condominium project and the right to use 20 surface parking
spaces at no cost in the interim. 


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-Waterloo and Calgary. Its objectives 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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