A&B Advises Allied Properties Real Estate Investment Trust in $115 Million Public Equity Offering

A&B represented Allied Properties Real Estate Investment Trust, a leading owner, manager and developer of urban office environments operating in Canada’s major cities, in its recently completed $115 million public equity offering of units.

On December 4, 2012, Allied Properties REIT completed an offering of 3,737,500 units (inclusive of 487,500 units issued pursuant to the exercise in full of the underwriters’ over-allotment option) at a price of $30.80 per unit for gross proceeds of just over $115 million. Allied intends to use the net proceeds of the offering to fund income-enhancing capital projects now underway to fund anticipated future acquisitions, to retire mortgage indebtedness as it comes due, to repay amounts drawn on its credit facility to fund recent acquisitions and for general trust purposes.

A&B represented Allied Properties REIT with a team comprised of Margaret Nelligan, Sherri Altshuler, Melanie Cole and Jacqueline Goslett (corporate and securities), Barbara Worndl (tax) and Mike Smith and Steven Pavlides (real estate).