Allied Properties Real Estate Investment Trust to Expand Facilities for Telecommunications and Information-Technology Tenants
08 Juin 2012 - 3:10PM
Marketwired
Allied Properties REIT (TSX:AP.UN) announced today that it has
entered into a lease of 168,000 square feet at the Canadian
Broadcast Centre, 250 Front Street West, Toronto, for a term of 49
years at net rental rates that escalate at intervals of not less
than five years over the term. The lease term will commence on
March 8, 2013, with an extensive rent-free period following
commencement.
"This transaction will enable us to expand our specialized
facilities by nearly 50% with a relatively modest capital outlay,"
said Michael Emory, President & CEO. "On completion, the new
facility will boost the profitability of our business by enabling
us to continue to meet the specific and expanding space
requirements of our telcom and IT tenants."
Allied currently owns 151 Front Street West, 905 King Street
West and 60 Adelaide Street East. 151 Front is one of eight
internet hubs in North America and the leading telecommunication
interconnection point in Canada. 905 King and 60 Adelaide are
connected by fiber-optic cable to 151 Front, enabling the tenants
of the respective buildings to interconnect with one another. The
three properties include approximately 340,000 square feet of
specialized space for telecommunications and information-technology
tenants, all of which is leased or in the final stages of
negotiation.
The premises at 250 Front Street West will have significant
floor-loading and freight-elevator capacity, over 14 foot clear
ceiling height, access to Enwave deep-water cooling and a dedicated
electrical service of 9 MVA with two 11 MVA dedicated feeders.
Allied expects to invest approximately $30 million in the premises
with a view to establishing it as a premiere facility in Canada. On
completion of the upgrade, which is expected to occur in 2013,
Allied will lease the space to the type of tenants it serves at 151
Front, 905 King and 60 Adelaide. On lease-up, Allied expects the
facility to be very accretive to its annual AFFO per unit.
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.
Contacts: Allied Properties REIT Michael R. Emory President and
Chief Executive Officer (416)
977-0643memory@alliedpropertiesreit.com
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