Allied Properties Real Estate Investment Trust Raises $172 Million
On September 3, 2014, Allied Properties Real Estate Investment Trust, a leading owner, manager and developer of urban office environments operating in several Canadian major cities, completed its $172 million public equity offering of additional units.
Allied Properties REIT completed an offering of 4,887,500 units, including the underwriters’ over-allotment option, at a price of $35.30 per unit for gross proceeds of just over $172 million. Allied intends to use the net proceeds of the offering: (a) to repay amounts drawn on a bridge credit facility used to fund the acquisition of 555 Richmond St. W., Toronto; (b) to repay amounts drawn on Allied’s credit facility used to fund the acquisition of 460 King St. W., Toronto; (c) to repay amounts drawn on Allied’s credit facility used for general capital funding; and (d) for general trust purposes.
Aird & Berlis LLP represented Allied Properties REIT with a team comprised of Margaret Nelligan, Sherri Altshuler and Melanie Cole (Corporate and Securities), Barbara Worndl (Tax) and Mike Smith (Real Estate).