Allied Properties REIT Acquires Toronto Office Property and Closes Offering

On October 28, 2009, Allied Properties Real Estate Investment Trust acquired 151 Front Street West and 20 York Street, Toronto, a Class I office property with 325,772 square feet of gross leasable area, 56 surface parking spaces and 750,000 square feet of approved intensification potential, from 151 Front Street West Holdings Limited and 20 York Street Holdings Limited, for a total consideration of $192,000,000.

Allied Properties was represented on the purchase and financing by Aird & Berlis LLP with a team that comprised Michael Smith, Steven Pavlides (real estate); William VanderBurgh (competition) and Barbara Worndl, Andrew Nicholls and Carol Burns (tax).

The vendors were represented by Robins Appleby & Taub LLP, with a team that comprised Neill Kalvin and Peggy Spadafora.

A portion of the purchase price was funded by a $125,400,000 bought deal unit offering on October 2, 2009 placed by an underwriting syndicate, which was co-led by Scotia Capital Inc. and RBC Dominion Securities Inc., and included BMO Nesbitt Burns Inc., CIBC World Markets Inc., Genuity Capital Markets, National Bank Financial Inc., Canaccord Capital Corporation and Dundee Securities Corporation.

Allied Properties also funded the transaction with a 10-year mortgage financing of $96 million from the British Columbia Investment Management Corp.

Allied Properties was represented on the issuance of the trust units by Aird & Berlis LLP with a team that included Margaret T. Nelligan, Sherri Altshuler, Anne Markle, Reena Kotecha (corporate and securities) and Barbara Worndl (tax), and by White & Case LLP with a team that included Kevin Keogh and Terry O'Brien.

The syndicate of agent dealers was represented by Stikeman Elliott LLP, with a team that included David Erhlich, David Weinberger, Katrina Svihran, Matthew Bassani and Stacey Hoisak, and by Shearman & Sterling LLP with a team that included Jason Lehner, Lawrence Crouch, Christian Kurtz and Anil Kalia.

Lawyer(s)

William G. Vanderburgh Katrina Svihran Sherri Altshuler Reena Kotecha Neill J. Kalvin Peggy W. Spadafora Kevin Keogh Jason Lehner Anne Miatello Michael D. Smith Matthew J. Bassani Stacey Hoisak Steven Pavlides Barbara J. Worndl Margaret T. Nelligan Laurence E. Crouch David Weinberger Carol Burns Terry O'Brien Andrew Nicholls

Firm(s)

Aird & Berlis LLP Robins Appleby LLP Aird & Berlis LLP White & Case LLP Stikeman Elliott LLP Shearman & Sterling LLP