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Dec 4, 2019

Allied Properties REIT Completes $345 Million Public Equity Offering

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

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 December 4, 2019, Allied completed an offering of 6,555,000 units (inclusive of 855,000 units issued pursuant to the exercise in full of the underwriters’ over-allotment option) at a price of $52.70 per unit for gross proceeds of $345,448,500. The units were qualified by a prospectus supplement dated November 27, 2019 to a short form base shelf prospectus dated November 19, 2019 and were underwritten on a bought deal basis 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 to fund (i) its ongoing acquisition program, including three strategic in-fill acquisitions, comprised of one property in Montréal, one property in Toronto and one property in Calgary, (ii)  its ongoing value-add program, which includes development costs and revenue-enhancing capital expenditures, and (iii) general trust expenditures.

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

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