Allied Properties Real Estate Investment Trust Announces Closing of Class I Office Property Acquisition in Toronto

About this update from Allied Properties Real Estate Investment Trust

[{"type":"text","content":"\n\n\n\nTORONTO, July 3 /CNW/ - Allied Properties REIT (TSX:AP.UN) announced\ntoday that it has closed the acquisition of 45-55 Colborne Street, a Class I\noffice property located in its Toronto target market. The purchase price of\n$10 million was funded in part by a first mortgage in the principal amount of\n$6.5 million, having a term expiring on September 1, 2015, bearing interest at\n5.54% per year and payable in blended installments of principal and interest\nbased on a 20-year amortization. The balance of the purchase price was funded\nthrough the REIT's acquisition line of credit.\n\n\nAllied Properties REIT is a leading provider of Class I office space in\nCanada, with portfolio assets in the urban areas of Toronto, Montreal,\nWinnipeg and Quebec City. The objectives of the REIT are to provide stable and\ngrowing cash distributions to unitholders and to maximize unitholder value\nthrough effective management and accretive portfolio growth.\n\n\n","length":1004,"tagName":"div"}]

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