Allied Properties REIT Acquires Urban Office Portfolio for $794 Million
On March 31, 2022, Allied Properties Real Estate Investment Trust (“Allied”), a leading operator of distinctive urban workspace in Canada’s major cities and network-dense urban data centres in Toronto, completed the acquisition of six urban office properties from Choice Properties Real Estate Investment Trust for $794 million.
The acquisition expands Allied’s operating capability in Montréal, Toronto and Vancouver. Allied paid $594 million of the purchase price by issuing 11,809,145 Class B LP Units of a subsidiary limited partnership at $50.30 per unit, with each Class B Unit accompanied by one non-participating special voting unit of Allied. The balance of the purchase price was paid by the issuance of a $200 million promissory note for the term expiring on December 31, 2023.
Aird & Berlis LLP represented Allied with a team comprised of Margaret Nelligan, Melanie Cole, Marek Lorenc, Amy Marcen-Gaudaur and Meredith McCann (Capital Markets), Mike Smith, Leonard Baranek, Kyle Genga, Ethan Eisen and Rachel Rice (Real Estate), Barb Worndl and Angelo Gentile (Tax) and Aaron Collins and Jonathan Yantzi (Financial Services).
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