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Allied Properties Real Estate Investment Trust Completes $299 Million Public Equity Offering

Margaret T. Nelligan, Sherri M. Altshuler, Melanie Cole, Liam Tracey-Raymont, Amy Marcen-Gaudaur, Michael D. Smith and Carol J. Burns

Allied Properties Real Estate Investment Trust (“Allied”), a leading owner, manager and developer of urban office environments operating in Canada’s major cities, recently completed a $299 million public equity offering of units.

On June 22, 2018, Allied completed an offering of 7,293,300 units (inclusive of 951,300 units issued pursuant to the exercise in full of the underwriters’ over-allotment option) at a price of $41.00 per unit for gross proceeds of just over $299 million. Allied intends to use the net proceeds from this offering to retire existing debt obligations, including: (a) allocating approximately $132 million of the net proceeds to the first mortgage on 151 Front Street West in Toronto, and (b) allocating the remainder of the net proceeds to repay the full amount drawn on Allied’s operating and acquisition line of credit, which Allied used to fund acquisitions, mortgage repayments, revenue-enhancing capital expenditures and development costs thus far in 2018.

Aird & Berlis LLP represented Allied with a team comprised of Margaret Nelligan, Sherri Altshuler, Anne Miatello, Melanie Cole, Daniel Everall, Liam Tracey-Raymont and Amy Marcen-Gaudaur (corporate and securities), Mike Smith and Aaron Silver (real estate), and Carol Burns (tax).

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