Allied Properties Real Estate Investment Trust announces acquisition of Class I office property in downtown Toronto

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[{"type":"text","content":"\n\n\n\nTORONTO, Feb. 28 /CNW/ - Allied Properties REIT (TSX:AP.UN) announced\ntoday that it has entered into an agreement to purchase 106 Front Street East,\na Class I office property in the St. Lawrence Market area of Downtown Toronto.\nThe acquisition is expected to close on or about April 2, 2007, subject to\ncustomary conditions.\n\n\n"This is a good addition to the St. Lawrence Market component of our\nToronto portfolio," said Michael Emory, President and CEO. "With it, we'll\nhave 148,000 square feet in the St. Lawrence Market area and nearly half a\nmillion square feet in Downtown East."\n\n\n106 Front Street East is located on the north side of Front Street, just\nto the east of the intersection with Jarvis Street. It is comprised of\n34,497 square feet of GLA and 16 surface parking spaces. The property is fully\nleased to tenants consistent in character and quality with the REIT's tenant\nbase.\n\n\nThe purchase price for the property is $8 million, which represents a\ncapitalization rate of 7.5%. The property will be free and clear of mortgage\nfinancing for closing.\n\n\nCautionary Statements\n\n\nThis press release may contain forward-looking statements with respect to\nthe REIT, its operations, strategy, financial performance and condition. These\nstatements generally can be identified by use of forward looking words such as\n"may", "will", "expect", "estimate", "anticipate", intends", "believe" or\n"continue" or the negative thereof or similar variations. The actual results\nand performance of the REIT discussed herein could differ materially from\nthose expressed or implied by such statements. Such statements are qualified\nin their entirety by the inherent risks and uncertainties surrounding future\nexpectations, including that the transaction contemplated herein is completed.\nImportant factors that could cause actual results to differ materially from\nexpectations include, among other things, general economic and market factors,\ncompetition, changes in government regulations and the factors described under\n"Risk Factors" in the Annual Information Form of the REIT which is available\nat www.sedar.com. The cautionary statements qualify all forward-looking\nstatements attributable to the REIT and persons act...

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