TORONTO – Allied Properties Real Estate Investment (TSX:AP.UN) it plans to buy a property in Montreal and two others in Calgary for a combined price of $69.2 million.
“We continue to find high-quality infill properties that fit squarely within our investment parameters,” president and CEO Michael Emory said in Monday’s announcement.
“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 Montreal property is at 84 Rue St. Paul, while the Calgary acquisitions are The Pilkington Building, 401 – 11th Ave. S.E. and The Biscuit Block, 438- 11th Ave. S.E.
Meanwhile, Allied also announced a fourth “intensification” joint venture with RioCan (TSX:REI.UN) through the acquisition of an undivided 50 per cent interest in two properties in Toronto — 491 College St. and 289 Palmerston Ave.