Allied Properties buys King Street West real estate for $100M

TORONTO – Allied Properties REIT (TSX:AP.UN) has announced a deal to buy property along King Street West in Toronto for $100 million.

Located on the south side and running from 511 to 539 King St. West, the property is comprised of three fully restored class I buildings with 62,469 square feet of gross leasable area and 33,164 square feet of surplus land currently used as a surface parking lot for 107 vehicles.

“This is an extraordinarily strategic opportunity for us,” Allied president and CEO Michael Emory said in a statement Thursday, adding that the real estate is immediately west of a lengthy stretch of property the company already owns from 469 through to 499 King St. West.

The purchase is expected to close on June 30 subject to customary conditions and will be financed by Allied by drawing on its unsecured credit facility.