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

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[{"type":"text","content":"\n\n\n\nTORONTO, April 5 /CNW/ - Allied Properties REIT (TSX:AP.UN) announced\ntoday that it has closed the acquisition of 106 Front Street East, a Class I\noffice property located in its Toronto target market. The purchase price of\n$8 million was funded in part by placement of a first mortgage in the\nprincipal amount of $6.15 million for a term of 10 years at an interest rate\nof 5.26% and payable on an interest-only basis in the first five years of the\nterm and in blended instalments of principal and interest in the last five\nyears of the term based on a 30-year amortization. The balance of the purchase\nprice was funded through 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":1089,"tagName":"div"}]

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