Allied Properties Real Estate Investment Trust announces acquisition of restored property in downtown Montreal

About this update from Allied Properties Real Estate Investment Trust

[{"type":"text","content":"\n\n\n\nTORONTO, Feb. 8 /CNW/ - Allied Properties REIT (TSX:AP.UN) announced\ntoday that it has completed the acquisition of 451-481 Saint Catherine Street\nWest in Montreal.\n\n\n\"This property is the result of an excellent urban revitalization project\ncompleted over the past two years,\" said Michael Emory, President and CEO. \"It\nfits well into our Montreal portfolio, as it has all the important Class I\nattributes and is located in a very vibrant part of the inner-city.\"\n\n\nThe property is a 98-year leasehold interest in two restored,\nthree-storey office/retail buildings on the north side of Saint Catherine\nStreet West, near the intersection with McGill College Avenue. The buildings\ncomprise 30,439 square feet of gross leasable area, 9,634 of which is retail\nspace and 20,805 of which is office space. The property is fully leased to\ntenants consistent in character and quality with the REIT's tenant base.\n\n\nThe purchase price for the property was $6 million, representing a\ncapitalization rate of 8.2%. The property was free and clear of mortgage\nfinancing on 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 acting on their behalf. Unless\notherwise stated, all forward-looking statements spea...

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