Allied Properties REIT expands Calgary portfolio with four new acquisitions
Allied Properties REIT has announced it has acquired four new properties, all in Calgary. They include the Alberta Hotel Building, Fashion Central, Art Central and Cooper Block. The four represent a total gross leasable area of 136,209 square feet.
They also report completing 18 acquisitions in 2011 for $345 million, 13 in Western Canada, four in Toronto and one in Montréal. Less than 12 months ago, Allied had no property west of Winnipeg. Allied now owns nine Class I or heritage properties in Calgary, two in Edmonton, three in Vancouver and one in Victoria with total GLA of 920,686 square feet. When combined with Allied’s properties in Winnipeg, they will comprise 17.5 per cent of Allied’s total rentable area, with Central Canada (Toronto and Kitchener) comprising 44.3 per cent and Eastern Canada (Montréal and Québec City) the remaining 38.2 per cent.