Allied Properties Real Estate Investment Trust (Allied) announced that it has acquired properties in Toronto, Calgary and Vancouver for a total consideration of $94 million.
“These are strategic acquisitions for Allied, in that we’re augmenting important assemblies in Toronto and Calgary and increasing our penetration in urban Vancouver,” said Michael Emory, President and CEO in Allied’s press release.
The purchases include (i) ancillary residential properties in Toronto, (ii) an undivided 50 per cent interest in the Sherwin Block, 738 11th Avenue SW, in Calgary, (iii) 2233 Columbia Street in Vancouver and (iv) 1050 Homer Street also in Vancouver.
On closing – which is scheduled for May 27 – 1050 Homer will be subject to a first mortgage in the principal amount of $13.6 million, having a term expiring in February of 2023, bearing interest at 4.3% per year and payable in blended instalments of principal and interest based on a 25-year amortization.
The ancillary residential properties, Sherwin Block and 2233 Columbia were or will be debt free on closing. Allied financed or will finance these acquisitions from its unsecured line of credit.