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Feb 10, 2015
Allied Properties Real Estate Investment Trust Completes $86 Million Public Equity Offering
Allied Properties Real Estate Investment Trust, a leading owner, manager and developer of urban office environments operating in Canada’s major cities, recently completed an $86 million public equity offering of units.
Allied Properties REIT completed an offering of 2,213,750 units (inclusive of 288,750 units issued pursuant to the exercise in full of the underwriters’ over-allotment option) at a price of $39.00 per unit for gross proceeds of just over $86 million. Allied intends to use the net proceeds of the offering to fund the acquisition of an undivided 50% interest in 19 Duncan Street in Toronto (the “Property”), to provide acquisition financing to the joint venture formed by Allied and Westbank Corp. to redevelop the Property (the “Duncan & Adelaide JV”) and for general trust purposes. The transactions with respect to the Duncan & Adelaide JV closed on February 10, 2015.
Aird & Berlis LLP represented Allied Properties REIT with a team comprised of Margaret Nelligan, Sherri Altshuler, Melanie Cole and Graham Topa (Corporate Finance and Securities), Barbara Worndl (Tax) and Mike Smith (Real Estate).