ALLIED PROPERTIES REIT ANNOUNCES ACQUISITION IN TORONTO’S DOWNTOWN WEST Toronto, August 4, 2015 --
Allied Properties REIT (TSX:AP.UN) announced today that it has entered into an agreement to acquire the retail and office component of 560 King Street West in Toronto for $28 million. The purchase is expected to close on August 19, 2015, subject to customary conditions. “This property will extend a near uninterrupted stretch of property we own on the north side of King Street West from 460 to 560,” said Michael Emory, Allied’s President & CEO. “As a result, it will enhance our ability to merchandise most of the storefront retail space along King West between Spadina Avenue and Portland Street.” Located on the north side of King West, just west of Brant Street, the property is comprised of a heritage component with 11,305 square feet of retail GLA at grade and 6,954 square feet of office GLA on two levels above grade, as well as a new component with 5,078 square feet of retail GLA at grade and 1,065 square feet of storage GLA. The heritage structure has been fully restored, and the new structure is well configured for retail use with high ceilings, optimal depth and south- and east-facing frontage. The two components of the property comprise 24,402 square feet of GLA and are fully leased to office and retail tenants consistent in character and quality with Allied’s tenant base. 560 King West also includes 171 underground commercial parking spaces that Allied acquired in June of 2014. Together, the property and the underground commercial parking spaces constitute the entire commercial component of 560 King West.