Allied Properties REIT (Allied) has completed the acquisition of a 50 per cent interest in a property located at 19 Duncan St. in Toronto, Ont., which the company plans to develop into a mixed-use building including retail, rental apartments and five floors of office space.

The previously announced acquisition involves a joint venture partnership with Westbank Corp. (Westbank), known for their ownership of the Shangri-La Hotels and Resorts. Westbank will own the remaining interest in the Duncan St. property.

The property is comprised of a Class I building with 61, 911 square feet of gross leasable area and 36 parking spaces. Upon completion of the redevelopment, Allied will manage the office component of the project and Westbank will manage the rental units.