Allied Properties REIT has entered into agreements to acquire three infill properties in Montreal and Calgary for $69.2 million.
“We continue to find high-quality infill properties that fit squarely within our investment parameters,” says Michael Emory, president and CEO. “In addition to being immediately accretive, each of these properties is close to one or more of our existing properties. The Calgary properties form nearly half a city block in the heart of the Warehouse District.”
The Calgary portfolio consists of the Pilkington Building and the Biscuit Block. Located at 11th Avenue S.E. and 3rd Street S.E., the Pilkington Building is comprised of 48,223 square feet of gross leasable area (GLA). The Biscuit Block is comprised of 54,073 square feet of GLA. It is located at 11th Avenue S.E. and 4th Street S.E. The two century-old buildings have undergone renovations over the last two years.
The property in Montreal has a GLA of 79,778 square feet. Built in 1861, it underwent renovations in 2001.
Allied also announced that it has entered into an intensification joint venture with RioCan REIT. The fourth partnership for the two companies will see the intensification of 491 College St. and 289 Palmerston Ave. in Toronto. The two properties are located on 15,651 square feet of land. Allied and RioCan acquired the properties on a fifty-fifty basis for $7.7 million. The venture will see the creation of a mixed-use office, retail and residential complex.
