Allied Properties Real Estate Investment Trust announces closing of third acquisition from development pipeline and first mortgage financing on Montreal property

About this update from Allied Properties Real Estate Investment Trust

[{"type":"text","content":"\n\n\n\n\nTORONTO, July 8 /CNW/ - Allied Properties REIT (TSX:AP.UN) announced\ntoday that it has closed the previously announced acquisition of 602-606 King\nStreet West, a Class I office building located in downtown Toronto. This is\nthe REIT's third acquisition through its development pipeline with Allied\nCanadian Corporation.\nThe REIT also announced today that it has placed a $17 million first\nmortgage on 3575 Saint-Laurent Boulevard, a property acquired earlier this\nyear in Montreal. The mortgage has a term of 10 years, bears interest at 4.94%\nand is payable in blended monthly instalments of principal and interest based\non a 25-year amortization period.\n\nAllied Properties REIT owns a portfolio of predominantly Class I office\nproperties in downtown Toronto, downtown Montreal and downtown Winnipeg. The\nobjectives of the REIT are to provide stable and growing cash distributions to\nits unitholders and to maximize unitholder value through the effective\nmanagement and accretive growth of its portfolio.\n\n\n","length":1087,"tagName":"div"}]

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