Allied Properties Real Estate Investment Trust announces agreement to acquire Class I office property in Toronto

About this update from Allied Properties Real Estate Investment Trust

[{"type":"text","content":"\n\n\n\nTORONTO, Dec. 22 /CNW/ - Allied Properties REIT (TSX:AP.UN) announced\ntoday that it has entered into an agreement to purchase 193 Yonge Street in\nToronto. The acquisition is scheduled to close on or about January 8, 2007,\nsubject to customary conditions.\n\n\n\"This will be a good, early start to our 2007 acquisition program,\" said\nMichael Emory, President and CEO. \"Not only does the property have the full\nrange of Class I attributes, it is very well located within our Toronto target\nmarket, close to downtown retail and cultural landmarks such as the Eaton\nCentre and the Elgin Theatre.\"\n\n\nKnown as the Heintzman Building and designated under the Ontario Heritage\nAct as a building of architectural significance, 193 Yonge Street is a fully\nrestored, eight-storey, Class I building located on the east side of Yonge\nStreet, across from the Eaton Centre and south of Dundas Square. It is\ncomprised of 49,284 square feet of gross leasable area and 22 underground\nparking spaces and is fully leased to two tenants consistent in character and\nquality with the REIT's tenant base. The property was built in 1903 and\nrestored to a high standard in 1986 and 1999.\n\n\nThe purchase price for the property is $10.25 million, which represents a\ncapitalization rate of 8.3%. The property is, or on closing will be, free and\nclear of mortgage financing.\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 F...

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