Allied Properties Real Estate Investment Trust Announces Agreement to Acquire 50% Interest in Class I Redevelopment Project in K
10 Novembre 2010 - 12:30PM
Marketwired
Allied Properties REIT (TSX: AP.UN) announced today that it has
entered into an agreement with Perimeter Development Corporation to
purchase a 50% undivided interest in The Breithaupt Block, 20-24
& 51 Breithaupt Street, Kitchener, for $4 million.
Located in the Warehouse District of Kitchener and in close
proximity to Allied's property at 72 Victoria Street, The
Breithaupt Block is comprised of (i) six former industrial
buildings with approximately 176,000 square feet of GLA and (ii)
approximately two acres of surplus land with long-term development
potential. The former industrial buildings will be redeveloped as a
Class I office complex, with completion scheduled for mid-2013.
"This is a great opportunity for us to augment our position in
the Warehouse District of Kitchener and to develop a working
relationship with an accomplished developer in the area," said
Michael Emory, President & CEO. "Not only do we expect to
create meaningful value in the Class I office complex, we see
significant long-term value creation potential in the surplus
land."
Perimeter will oversee the redevelopment and manage the
property. Perimeter specializes in adaptive re-use, redevelopment
and mixed-use projects in growth markets across the GTA and
Southwestern Ontario. "The Breithaupt Block provides a unique
opportunity to satisfy strong tenant demand for strategically
located, Class I office space with easy access to public
transportation, restaurant and retail amenities and good
residential stock," said David Gibson, Founder & CEO of
Perimeter.
The acquisition is expected to close on December 1, 2010,
subject to customary conditions. Allied will carry the investment
as a Property Under Development until the redevelopment is complete
and will assist in securing development financing from third-party
sources on acceptable terms.
Cautionary Statements
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 the Annual Information Form of
the REIT 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 from Toronto,
Montreal, Winnipeg, Quebec City, Kitchener 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.
Contacts: Allied Properties REIT Michael R. Emory President and
Chief Executive Officer (416) 977-9002
memory@alliedpropertiesreit.com
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