TORONTO, May 2 /CNW/ - Allied Properties REIT (TSX:AP.UN) announced today that it has closed the previously announced acquisition of 364 Richmond Street West, a Class I office property located in downtown Toronto. Allied Properties REIT owns a portfolio of predominantly Class I office properties in downtown Toronto, downtown Montreal and downtown Winnipeg. The objectives of the REIT are to provide stable and growing cash distributions to its unitholders and to maximize unitholder value through the effective management and accretive growth of its portfolio.