ALLIED PROPERTIES REAL ESTATE INVESTMENT TRUST ANNOUNCES JOINT VENTURE WITH WESTBANK ON 19 DUNCAN STREET, TORONTO Toronto, December 10, 2014 -- Allied Properties REIT (TSX:AP.UN) announced today that it has entered into an equal two-way joint venture agreement with Westbank to acquire and redevelop 19 Duncan Street in Toronto and an adjacent laneway (the â€œPropertyâ€). The purchase price for the Property is $47 million, with Alliedâ€™s proportionate share being $23.5 million. Allied will carry its undivided 50% interest in the Property as a Property Under Development for accounting purposes. The acquisition is expected to close on February 10, 2015, subject to customary conditions. The Property Located on the southeast corner of Adelaide Street West and Duncan Street, the Property is comprised of a Class I building with 61,911 square feet of GLA and 36 surface parking spaces. The site is rectangular in shape with 24,778 square feet of area, 111 feet of frontage on Duncan and 250 feet of frontage on Adelaide West. The building on the Property was built for light industrial purposes in the early 1900s and was comprehensively renovated in 1999. The joint venture (the â€œDuncan & Adelaide JVâ€) plans to retain and restore a large portion of the existing Class I building and to integrate it with a new structure that will include retail space, office space on at least five floors above grade and rental apartments on the floors above the office space. Westbank will be the development manager for the Duncan & Adelaide JV. Allied will manage the office component of the project on completion, and Westbank will manage the residential component.