TORONTO, ONTARIO -- (Marketwire) -- 04/17/12 -- Allied Properties REIT (TSX: AP.UN) announced today that it has closed the previously announced acquisition of the following property:
Address Total Office Retail Parking
GLA GLA GLA Spaces
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5445 de Gaspe Avenue, Montreal 502,693 502,693 - 150
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The purchase price for the property was $34.5 million. Concurrently with closing, Allied placed mortgage financing on the property in the principal amount of $22.4 million for a term of three years, bearing interest at 3.76% per year and payable as to interest only during the term.
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) 977-0643
memory@alliedpropertiesreit.com
