Allied Properties Real Estate Investment Trust Makes Room for the Arts in Montreal's Vibrant and Transforming Plateau Mont-Ro...
April 02 2013 - 7:00AM
Marketwired
Allied Properties REIT (TSX:AP.UN) announced today that it has
finalized a lease arrangement with Pied Carre for 208,424 square
feet square feet of gross leasable area at 5445-5455 de Gaspe,
Montreal. The lease premises are comprised of 28,354 square feet of
gallery space on the ground level of 5445-5455 de Gaspe and 180,075
square feet of studio space on the 3rd, 4th, 5th, and 6th floors of
5445 de Gaspe. The lease has a term of 30 years commencing on
November 1, 2013, at net rental rates that escalate annually. As
part of the lease arrangement, Allied has agreed to complete
base-building work on the leased premises, including the
installation of new windows and the upgrade of the mechanical and
electrical systems.
Pied Carre is an established and well organized artists'
collective based in Montreal's Plateau Mont-Royal. As part of the
lease arrangement, Pied Carre has agreed to complete leasehold
improvements for the artists it represents and to coordinate the
use and financial administration of the leased premises.
Allied is attentive to the impact of it business on surrounding
communities. Its investment and development activities can have a
displacing impact on members of the artistic community. As building
inventory in an area is improved, the cost of occupancy can become
prohibitive. Allied believes that its buildings and tenants are
best served if artists remain viable members of the surrounding
communities. Accordingly, Allied has allocated an appropriate
portion of its rentable area to artistic uses on an affordable
basis as part of its Make Room for the Arts program. What Allied
foregoes in short-term rent, it more than makes up in overall
occupancy and net rent levels.
"This is the outcome of extensive collaboration between
ourselves, Pied Carre, Ateliers Creatifs, the Borough of Plateau
Mont-Royal, the City of Montreal and the Province of Quebec," said
Michael Emory, Allied's President & CEO. "A wonderful example
of our Make Room for the Arts program, the lease to Pied Carre will
afford long-term stability to the artistic community in the
Plateau, while simultaneously enhancing the upgrade of our de Gaspe
properties."
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. The actual results and
performance of Allied 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, including that the transactions
contemplated herein are completed. 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 Allied's Annual Information Form,
which is available at www.sedar.com. These cautionary statements
qualify all forward-looking statements attributable to Allied and
persons acting on Allied's behalf. Unless otherwise stated, all
forward-looking statements speak only as of the date of this press
release and the parties have 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.
Contacts: Allied Properties REIT Michael R. Emory President and
Chief Executive Officer (416) 977-0643memory@alliedreit.com
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