Allied Properties Real Estate Investment Trust Assists in the Creation of a Long-Term Occupancy Solution for Artists in Montr...
05 Novembre 2012 - 4:00PM
Marketwired
Allied Properties REIT (TSX:AP.UN) announced today that it has
entered into a conditional letter of intent with Pied Carre for
approximately 212,000 square feet square feet of space at 5445-5455
de Gaspe, Montreal, for a term of 30 years at net rental rates that
escalate annually. The term will commence on November 1, 2013. Pied
Carre is an established and well organized artists' collective
based in Montreal's Plateau Mont-Royal.
"This is the outcome of extensive collaboration between
ourselves, Pied Carre, the Borough of Plateau Mont-Royal and the
City of Montreal," said Michael Emory, Allied's President &
CEO. "It will afford long-term stability to the artistic community
in the Plateau, while simultaneously enhancing the upgrade of our
de Gaspe properties."
Once finalized, the lease will involve approximately 30,000
square feet of gallery space on the ground level of 5445-5455 de
Gaspe and approximately 182,000 square feet of studio space on the
3rd, 4th, 5th, and 6th floors of 5445 de Gaspe. As part of the
lease arrangement, Allied has agreed to complete base-building work
on the leased premises, including the installation of new windows
and the upgrade of the mechanical and electrical systems.
"We're very close to finalizing a multi-win transaction, one
that benefits our unitholders, the artistic community, the Borough
of Plateau Mont-Royal and the City of Montreal," said Jean-Francois
Burdet, Allied's Regional Director for Eastern Canada. "We're proud
to be part of the process, and we'd especially like to acknowledge
the extraordinary contribution of the other participants."
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@alliedreit.com
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