Allied Properties acquires two properties in Toronto's Downtown West
Allied Properties REIT has closed the acquisitions of 555 Richmond Street West and 460 King Street West in Toronto.
555 Richmond West is adjacent to a cluster of four properties Allied owns on the southeast corner of Bathurst and Richmond Streets and is now part of Allied's rental portfolio.
460 King West completes Allied's ownership along the eastern and southern perimeters of a key block at King and Spadina and is now part of Allied's development portfolio.
With these closings, Allied has completed CAD225 million in acquisitions in 2014. CAD210 million was invested in six properties with 562,000 square feet of GLA, 544 parking spaces and surplus land that now form part of Allied's rental portfolio. The remaining CAD15 million was invested in 460 King West.
The public equity offering announced on 12 August is scheduled to close on 3 September. The underwriters have exercised the overallotment option, with the result that Allied will issue on closing 4,887,500 units from treasury at a price of CAD35.30 per unit for gross proceeds of just over CAD172.5 million.
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