Allied Properties REIT (TSX:AP.UN) announced today that it has closed the
acquisition of 948 Homer Street, a Class I property with 45,321 square feet of
GLA and seven surface parking spaces. The property is located in Yaletown on the
east side of Homer Street, between Nelson and Smithe Streets and is fully leased
to tenants consistent in character and quality with Allied's tenant base. While
carrying 948 Homer as a rental property, Allied plans to upgrade the retail
component and take advantage of a mark-to-market opportunity on the office
space, all with a view to boosting the annual NOI materially over a 36-month
period. 


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.
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