Allied Properties REIT Completes Public Equity Offering and Acquisition

Allied Properties Real Estate Investment Trust completed a public offering of 3,850,000 units (inclusive of 375,000 units issued pursuant to the exercise in full of the underwriters' over-allotment option) at a price of $26.00 per unit for gross proceeds of just over $100 million. The units were offered on a bought deal basis by a syndicate of underwriters led by Scotia Capital Inc. and including RBC Dominion Securities Inc., CIBC World Markets Inc., BMO Nesbitt Burns Inc.,
TD Securities Inc., Macquarie Capital Markets Canada Ltd., National Bank Financial Inc., Canaccord Genuity Corp., Desjardins Securities Inc., and Dundee Securities Ltd. The net proceeds of the offering were used to fund a portion of the purchase price of the acquisition of 57 Spadina Avenue, 78 Spadina Avenue, 80-82 Spadina Avenue, 379 Adelaide Street West and 383 Ade-laide Street West, Toronto (the “Portfolio”).

On April 16, 2012, Allied Properties Real Estate Investment Trust completed its acquisition of the Portfolio for a total pur-chase price of $42 million. The Portfolio comprises 146,039 square feet of leasable area in downtown Toronto. The purchase price was partially settled by the placement of new mortgage financing on the subject properties with the Canadian Imperial Bank of Commerce totalling $29 million.

Aird & Berlis LLP represented Allied Properties Real Estate Investment Trust with a team comprising Margaret Nelligan, Sherri Altshuler, Anne Markle and Jacqueline Goslett (corporate and securities); Barbara Worndl (tax) and Mike Smith, Ste-ven Pavlides and Stephanie Brown (real estate).

Stikeman Elliott LLP represented the syndicate of underwriters with a team comprising David Ehrlich, David Weinber-ger, Andrew Bozzato and Amy Hu (corporate and securities); Jill Winton (tax) and Melissa Schyven and Nili Birshtein (real estate).

McCarthy Tétrault LLP represented the Canadian Imperial Bank of Commerce with a team comprising John Currie, Paul Galbraith and Andrejs Mistiouk (real estate).