|By Marketwired .||
|February 13, 2014 03:24 PM EST||
TORONTO, ONTARIO -- (Marketwired) -- 02/13/14 -- Allied Properties REIT (TSX: AP.UN) today provided a leasing update in connection with one of its properties under development, The Breithaupt Block in Kitchener. This property was initially comprised of six industrial buildings in the Warehouse District of Kitchener with approximately 176,000 square feet of gross leasable area ("GLA") and two acres of surplus land. Allied owns an undivided 50% interest in the property with Perimeter Development Corporation owning the balance. The joint venture has redeveloped the property for office and ancillary retail use. At the end of 2013, the property was 23% leased to tenants consistent in character and quality with Allied's tenant base.
The joint venture has entered into a long-term lease with a substantial tenant for approximately 185,000 square feet of GLA in the property, commencing in part later this year and in part in early 2016. The joint venture will add additional GLA to a two-storey building on the property, bringing the total GLA to approximately 221,000 square feet. The addition is expected to be completed in early 2016.
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 regulations and the factors described under "Risk Factors" 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.
Allied Properties REIT
Michael R. Emory
President and Chief Executive Officer