AlexBozikovic
Active Member
And here comes that development on the property at 57 Spadina, now Winners.
ALLIED PROPERTIES REAL ESTATE INVESTMENT TRUST
ANNOUNCESJOINT-VENTURE WITHDIAMOND CORP.
FOR 57 SPADINA AVENUE,TORONTO
Toronto, October 22, 2012 -- Allied Properties REIT (TSX:AP.UN) today
announced that it has entered into a joint-venture with Diamond Corp.
to develop a mixed-use buildingat57 Spadina Avenuein Toronto.
“In an effort to augment and accelerate the return to our unitholders
from our overall intensification activity, we have begun to
collaborate with strong organizations that have complimentary
capability
,” said Michael Emory, President & CEO. “As in the case of
our ongoing intensification joint venture with RioCan REIT, we want to
work with ‘best-in-class’ organizations for each project. We believe
Diamond is just that in relation to the project contemplated at 57
Spadina
.”
57 Spadina is one of five properties acquired by Allied as part of a
portfolio acquisition in April of this year. It is located on the east
side of Spadina, just south of the intersection with King Street West.
The current building on the property is comprised of 33,302 square
feet of GLA and the land component is comprised of 18,115 square feet
of areawith 84 feet of frontage on Spadina.
Allied has agreed to sell an undivided 50% interest in the property to
Diamond for $6.25 million, effectively creating a 50/50 joint venture.
Diamond will oversee the re-zoning of the property for residential,
office and retail use. During the re-zoning and predevelopment phase,
to a maximum of five years, Allied will receive 100% of the net rental
revenue from the property. On completion of the re-zoning, Allied and
Diamond intend to engage a partner with condominium development
expertise tooversee the development of the property.
This press release may contain forward-looking statements with respect
to Allied, its operations, strategy, financial performance and
condition. These statements generally can be identified by use of
forward looking words such as “may”, “will”, “expect”, “estimate”,
“anticipate”, intends”, “believe” or “continue” or the negative
thereof or similar variations. Allied’s actual results and performance
discussed herein could differ materially from those expressed or
implied by such statements. Such statements are qualified in their
entirety by the inherent risks and uncertainties surrounding future
expectations. Important factors that could cause actual results to
differ materially from expectations include, among other things,
general economic and market factors, competition, changes in
government reg
ulations and the factors described under “Risk Factors”
2
in the Allied’s Annual Information Form which is available at
www.sedar.com. The cautionary statements qualify all forward-looking
statements attributable to Allied and persons acting on its behalf.
Unless otherwise stated, all forward-looking statements speak only as
of the date of this press release, and Allied has no obligation to
update such statements.
Allied Properties REIT is a leading owner, manager and developer of
urban office environments that enrich experience and enhance
profitability for business tenants operating in Canada’s major cities.
Its objectives are to provide stable and growing cash distributions to
unitholders and to maximize unitholder value through effective
management and accretive portfolio growth.
-30-
FOR FURTHER INFORMATION, PLEASE CONTACT:
Michael R. Emory
President and Chief Executive Officer
(416) 977-9002
memory@alliedreit.com
ALLIED PROPERTIES REAL ESTATE INVESTMENT TRUST
ANNOUNCESJOINT-VENTURE WITHDIAMOND CORP.
FOR 57 SPADINA AVENUE,TORONTO
Toronto, October 22, 2012 -- Allied Properties REIT (TSX:AP.UN) today
announced that it has entered into a joint-venture with Diamond Corp.
to develop a mixed-use buildingat57 Spadina Avenuein Toronto.
“In an effort to augment and accelerate the return to our unitholders
from our overall intensification activity, we have begun to
collaborate with strong organizations that have complimentary
capability
,” said Michael Emory, President & CEO. “As in the case of
our ongoing intensification joint venture with RioCan REIT, we want to
work with ‘best-in-class’ organizations for each project. We believe
Diamond is just that in relation to the project contemplated at 57
Spadina
.”
57 Spadina is one of five properties acquired by Allied as part of a
portfolio acquisition in April of this year. It is located on the east
side of Spadina, just south of the intersection with King Street West.
The current building on the property is comprised of 33,302 square
feet of GLA and the land component is comprised of 18,115 square feet
of areawith 84 feet of frontage on Spadina.
Allied has agreed to sell an undivided 50% interest in the property to
Diamond for $6.25 million, effectively creating a 50/50 joint venture.
Diamond will oversee the re-zoning of the property for residential,
office and retail use. During the re-zoning and predevelopment phase,
to a maximum of five years, Allied will receive 100% of the net rental
revenue from the property. On completion of the re-zoning, Allied and
Diamond intend to engage a partner with condominium development
expertise tooversee the development of the property.
This press release may contain forward-looking statements with respect
to Allied, its operations, strategy, financial performance and
condition. These statements generally can be identified by use of
forward looking words such as “may”, “will”, “expect”, “estimate”,
“anticipate”, intends”, “believe” or “continue” or the negative
thereof or similar variations. Allied’s actual results and performance
discussed herein could differ materially from those expressed or
implied by such statements. Such statements are qualified in their
entirety by the inherent risks and uncertainties surrounding future
expectations. Important factors that could cause actual results to
differ materially from expectations include, among other things,
general economic and market factors, competition, changes in
government reg
ulations and the factors described under “Risk Factors”
2
in the Allied’s Annual Information Form which is available at
www.sedar.com. The cautionary statements qualify all forward-looking
statements attributable to Allied and persons acting on its behalf.
Unless otherwise stated, all forward-looking statements speak only as
of the date of this press release, and Allied has no obligation to
update such statements.
Allied Properties REIT is a leading owner, manager and developer of
urban office environments that enrich experience and enhance
profitability for business tenants operating in Canada’s major cities.
Its objectives are to provide stable and growing cash distributions to
unitholders and to maximize unitholder value through effective
management and accretive portfolio growth.
-30-
FOR FURTHER INFORMATION, PLEASE CONTACT:
Michael R. Emory
President and Chief Executive Officer
(416) 977-9002
memory@alliedreit.com
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