Allied to Acquire Ownership Interest in 400 West Georgia and Increase Ownership Interest in 19 Duncan
TORONTO, March 11, 2024 (GLOBE NEWSWIRE) -- Allied Properties Real Estate Investment Trust ("Allied") (TSX: "AP.UN") today announced that it will acquire an ownership interest in 400 West Georgia Street in Vancouver (“400 West Georgia”) and increase its ownership interest in 19 Duncan Street in Toronto (“19 Duncan”).
- TORONTO, March 11, 2024 (GLOBE NEWSWIRE) -- Allied Properties Real Estate Investment Trust ("Allied") (TSX: "AP.UN") today announced that it will acquire an ownership interest in 400 West Georgia Street in Vancouver (“400 West Georgia”) and increase its ownership interest in 19 Duncan Street in Toronto (“19 Duncan”).
- 400 West Georgia is comprised of 345,034 square feet of office GLA, 5,525 square feet of retail GLA and 163 underground parking stalls.
- Allied will convert $130.5 million of the Mezzanine Loan to equity in exchange for a 90% undivided interest in 400 West Georgia.
- Allied expects to complete the transactions in relation to 400 West Georgia and 19 Duncan in early April, subject only to Competition Act approval and customary closing conditions.