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Jun 24, 2019

Allied Properties REIT Completes $345 Million Public Equity Offering

Margaret T. Nelligan, Sherri M. Altshuler, Melanie Cole, Liam Tracey-Raymont, Amy Marcen-Gaudaur, Michael D. Smith, Neill Kalvin and Barbara Worndl

Allied Properties Real Estate Investment Trust (“Allied”), a leading owner, manager and developer of distinctive urban workspace in Canada’s major cities and network-dense urban data centres in Toronto that form Canada’s hub for global connectivity, recently completed a $345 million public equity offering of units.

On June 19, 2019, Allied completed an offering of 7,176,000 units (inclusive of 936,000 units issued pursuant to the exercise in full of the underwriters’ over-allotment option) at a price of $48.15 per unit for gross proceeds of $345,524,400. The units were qualified by a prospectus supplement dated June 12, 2019 to a short form base shelf prospectus dated November 27, 2018 and were underwritten by a syndicate of underwriters led by Scotiabank, RBC Capital Markets and Goldman Sachs Canada Inc. Allied intends to use the net proceeds of the offering (i) to fund the equity component of the acquisition of 700 de la Gauchetière Street West in Montréal, (ii) to fund the acquisition of the RCA Building, 1001 Lenoir Street, in Montréal, (iii) to partially repay amounts drawn on its unsecured line of credit to fund acquisitions in Toronto, Kitchener, Calgary and Vancouver that closed earlier in 2019, and (iv) for general trust purposes.

Aird & Berlis LLP represented Allied with a team comprised of Margaret Nelligan, Sherri Altshuler, Anne Miatello, Melanie Cole, Liam Tracey-Raymont and Amy Marcen-Gaudaur (corporate and securities), Mike Smith, Neill Kalvin and Zale Skolnik (real estate) and Barbara Worndl (tax).

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