Aird

Allied to Sell UDC Portfolio to KDDI Corporation for $1.35 Billion

Retrieved on: 
Wednesday, June 21, 2023

TORONTO, June 21, 2023 (GLOBE NEWSWIRE) -- Allied Properties Real Estate Investment Trust (“Allied”) (TSX: “AP.UN”) today announced that it has entered into an agreement to sell its network-dense, carrier-neutral, urban-data-centre (UDC) portfolio in Downtown Toronto (the “Portfolio”) to KDDI Corporation (“KDDI”) for $1.35 billion, $118 million above IFRS net asset value.

Key Points: 
  • TORONTO, June 21, 2023 (GLOBE NEWSWIRE) -- Allied Properties Real Estate Investment Trust (“Allied”) (TSX: “AP.UN”) today announced that it has entered into an agreement to sell its network-dense, carrier-neutral, urban-data-centre (UDC) portfolio in Downtown Toronto (the “Portfolio”) to KDDI Corporation (“KDDI”) for $1.35 billion, $118 million above IFRS net asset value.
  • Allied has connected the properties through high-count, diverse fibre, enabling the Portfolio to support more telecommunication, cloud and content networks than any other data-centre portfolio in Canada.
  • “With global data-centre operating capability, KDDI is an ideal successor owner-operator for our UDC portfolio,” said Michael Emory, Allied’s Founder and Executive Chair.
  • “We’ll work closely with KDDI over the next 18 months to transition local expertise in relation to the portfolio.

Benchmark Metals and Thesis Gold Announce Merger to Create Premier Precious Metals Project

Retrieved on: 
Monday, June 5, 2023

Under the terms of the Transaction, Thesis shareholders will receive 2.5584 of a common share of Benchmark (each whole share, a "Benchmark Share") for each Thesis Share held (the "Exchange Ratio").

Key Points: 
  • Under the terms of the Transaction, Thesis shareholders will receive 2.5584 of a common share of Benchmark (each whole share, a "Benchmark Share") for each Thesis Share held (the "Exchange Ratio").
  • It consolidates two significant exploration projects, as the ongoing development of Benchmark's Lawyers project is adjacent to high quality exploration targets on Thesis' Ranch Project.
  • Ewan Webster, President, and CEO of Thesis Gold commented, "The merger of Benchmark and Thesis will create a district scale development and exploration project with significant growth potential.
  • The Thesis board of directors (the "Thesis Board") appointed a special committee (the "Thesis Special Committee") to consider and make a recommendation to the Thesis Board with respect to the Arrangement.

Canada should look to its past and Europe for guidance on media policy — but not south

Retrieved on: 
Sunday, June 4, 2023

Seventy years ago, Canadian leaders turned away from the British model of media policy that rejected advertising-supported private broadcasting.

Key Points: 
  • Seventy years ago, Canadian leaders turned away from the British model of media policy that rejected advertising-supported private broadcasting.
  • While it’s gone well for a few private corporations, it hasn’t benefited the Canadian public.

Aird Commission findings

    • In 1928, the Royal Commission on Radio Broadcasting, also known as the Aird Commission, was created to consider alternative models for the future of Canadian broadcasting.
    • The Aird Commission found much to be alarmed about regarding radio.
    • As a result of its research, the Aird Commission proposed a publicly owned corporation not unlike the British Broadcasting Corporation (the BBC).

Creation of the CBC/Radio-Canada

    • Bennett proclaimed:
      “This country must be assured of complete Canadian control of broadcasting from Canadian sources.
    • Canada’s vast territory and multilingual character made the CBC one of the world’s most far-reaching and complex public broadcasters.
    • Yet the Aird Commission recommendation that private broadcasting should be fully replaced by public broadcasting never happened.

Cuts to the CBC

    • In 1984, the Conservative government of Brian Mulroney made significant cuts to the CBC, and those cuts increased under the Liberal government of Jean Chrétien.
    • Budget cuts to the CBC, often fuelled by partisan politics, have wrought havoc.
    • In 1990, because of further budget cuts, CBC closed down the station’s news department, spurring street protests from thousands of Windsor citizens.
    • A “Save Our Station” committee was formed to pressure both CBC and the Canadian government to preserve the Windsor operation.

The European way

    • A recent study by the European Broadcasting Union shows a strong correlation between a country’s democratic well-being and robust public service media, including online media.
    • Social media policy in the United States has generated echo chambers of misinformation and conspiracy and has certainly not curtailed the erosion of civic knowledge.
    • U.S.-based, advertising-driven social media sites designed to stoke outrage are not creating more informed Canadians.
    • Read more:
      Canada’s legal disinformation pandemic is exposed by the 'freedom convoy'

Looking ahead

    • The future of advertising-driven media does not bode well for democracy.
    • Even Silicon Valley leaders are warning against a laissez-faire U.S. policy approach in terms of generative artificial intelligence/large language models like ChatGPT.
    • The American threat to Canada continues not because of U.S. power, but because Canadian leaders have not put in place policies to foster and protect Canadian democracy.

Allied Announces Successful Consent Solicitation and Cancellation of Debentureholder Meeting for Series D-I Debentures

Retrieved on: 
Monday, May 29, 2023

TORONTO, May 29, 2023 (GLOBE NEWSWIRE) -- Allied Properties REIT (“Allied”) (TSX:AP.UN) announced today that it has solicited consents and proxies from holders (“Debentureholders”) of its 3.636% Series C Senior Unsecured Debentures due April 21, 2025 (“Series C Debentures”), 3.394% Series D Senior Unsecured Debentures due August 15, 2029 (“Series D Debentures”), 3.113% Series E Senior Unsecured Debentures due April 8, 2027 (“Series E Debentures”), 3.117% Series F Senior Unsecured Debentures due February 21, 2030 (“Series F Debentures”), 3.131% Series G Senior Unsecured Debentures due May 15, 2028 (“Series G Debentures”), 1.726% Series H Senior Unsecured Debentures due February 12, 2026 (“Series H Debentures”) and 3.095% Series I Senior Unsecured Debentures due February 6, 2032 (“Series I Debentures” and, together with the Series C Debentures, Series D Debentures, Series E Debentures, Series F Debentures, Series G Debentures and Series H Debentures, collectively, the “Debentures” and each, a “Series”) in order to approve the proposed amendments (the “Debenture Amendments”) to the trust indenture governing the Debentures between Allied and Computershare Trust Company of Canada, as debenture trustee (the “Debenture Trustee”), dated as of May 13, 2015 (as amended or supplemented from time to time, the “Indenture”).

Key Points: 
  • TORONTO, May 29, 2023 (GLOBE NEWSWIRE) -- Allied Properties REIT (“Allied”) (TSX:AP.UN) announced today that it has solicited consents and proxies from holders (“Debentureholders”) of its 3.636% Series C Senior Unsecured Debentures due April 21, 2025 (“Series C Debentures”), 3.394% Series D Senior Unsecured Debentures due August 15, 2029 (“Series D Debentures”), 3.113% Series E Senior Unsecured Debentures due April 8, 2027 (“Series E Debentures”), 3.117% Series F Senior Unsecured Debentures due February 21, 2030 (“Series F Debentures”), 3.131% Series G Senior Unsecured Debentures due May 15, 2028 (“Series G Debentures”), 1.726% Series H Senior Unsecured Debentures due February 12, 2026 (“Series H Debentures”) and 3.095% Series I Senior Unsecured Debentures due February 6, 2032 (“Series I Debentures” and, together with the Series C Debentures, Series D Debentures, Series E Debentures, Series F Debentures, Series G Debentures and Series H Debentures, collectively, the “Debentures” and each, a “Series”) in order to approve the proposed amendments (the “Debenture Amendments”) to the trust indenture governing the Debentures between Allied and Computershare Trust Company of Canada, as debenture trustee (the “Debenture Trustee”), dated as of May 13, 2015 (as amended or supplemented from time to time, the “Indenture”).
  • Debentureholders representing over 66 2/3% of the aggregate principal amount of each of the Series D Debentures, Series E Debentures, Series F Debentures, Series G Debentures, Series H Debentures and Series I Debentures have provided consent in favour of an extraordinary resolution approving the Debenture Amendments.
  • The meeting of Debentureholders scheduled for June 1, 2023, will be cancelled with respect to all such Series.
  • Subject to the satisfaction or waiver of certain payment conditions described in the Solicitation Statement, Allied will pay a consent fee of $0.10 for each $1,000 principal amount of Debentures (the “Consent Fee”) to each eligible Debentureholder who responded to the consent solicitation and provided timely and valid consent and voting instructions.

Allied to Expand Operating Capability in Montréal, Toronto and Vancouver

Retrieved on: 
Monday, March 7, 2022

TORONTO, March 07, 2022 (GLOBE NEWSWIRE) -- Allied Properties Real Estate Investment Trust (“Allied”)(TSX:AP.UN) announced today that it has entered into an agreement with Choice Properties Real Estate Investment Trust (“Choice Properties”)(TSX:CHP.UN) to acquire the following six urban office properties for $794 million:

Key Points: 
  • It represents an important and compelling strategic refinement for Choice and a significant expansion of operating capability for Allied.
  • Our overriding objective in making this acquisition is to expand our operating capability in Montral, Toronto and Vancouver, said Tom Burns, Allieds Executive Vice President and COO.
  • Allied is a leading operator of distinctive urban workspace in Canadas major cities and network-dense UDC space in Toronto.
  • The actual results and performance of Allied discussed herein could differ materially from those expressed or implied by such statements.

Choice Properties Real Estate Investment Trust Announces Strategic Sale of Six High-Quality Office Properties to Allied Properties Real Estate Investment Trust

Retrieved on: 
Monday, March 7, 2022

Choice Properties Real Estate Investment Trust (Choice Properties or the Trust) (TSX: CHP.UN) announced today that it has entered into an agreement to sell six high-quality office properties in Toronto, Vancouver, and Montreal (the Portfolio) to Allied Properties Real Estate Investment Trust (Allied) for an aggregate purchase price of $794 million, excluding transaction costs (the Transaction).

Key Points: 
  • Choice Properties Real Estate Investment Trust (Choice Properties or the Trust) (TSX: CHP.UN) announced today that it has entered into an agreement to sell six high-quality office properties in Toronto, Vancouver, and Montreal (the Portfolio) to Allied Properties Real Estate Investment Trust (Allied) for an aggregate purchase price of $794 million, excluding transaction costs (the Transaction).
  • Choice Properties currently holds an interest in 16 office properties representing 8% of the Trusts total portfolio.
  • After the completion of the Transaction, Choice Properties will continue to hold an interest in 10 office properties representing approximately 4% of the Trusts total portfolio.
  • Choice Properties is a leading Real Estate Investment Trust that creates enduring value through the ownership, operation and development of high-quality commercial and residential properties.