Allied Provides Update on UDC Portfolio
November 24 2022 - 8:42AM
Allied Properties Real Estate Investment Trust ("Allied") (TSX:
"AP.UN") today confirmed that it is exploring the sale of its
urban-data-centre (UDC) portfolio in Toronto. Allied’s UDC
portfolio is unencumbered and does not include 20 York Street, the
site for Union Centre. Scotiabank is acting as Allied’s financial
advisor in connection with this exploration.
Allied regularly reviews and evaluates strategic
opportunities that Management believes could be in the best
interest of Allied and its stakeholders. Allied has not entered
into an agreement to effect any particular transaction related to
its UDC portfolio, and there can be no assurance that the current
exploration will result in a decision to enter into any
transaction.
As a matter of policy, Allied does not comment
on unusual market activity, rumours or speculation and only
comments on material developments in accordance with relevant
securities legislation. Allied does not intend to make any further
public announcement about a potential transaction related to its
UDC portfolio unless it determines that disclosure is required by
applicable securities laws.
Cautionary Statements
This press release may contain forward-looking
statements with respect to (i) Allied, (ii) its operations,
strategy, financial performance and condition and (iii) the
expected impact of the transactions contemplated in this press
release. 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. In particular, this news release
contains forward-looking statements pertaining to a possible
transaction related to the UDC portfolio.
Such statements are qualified in their entirety
by the inherent risks and uncertainties surrounding future
expectations, including that the transactions contemplated herein
are completed and have the expected impact on funding and earnings.
Important factors that could cause actual results to differ
materially from expectations include, among other things, general
economic and market conditions, 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 Allied has no obligation to update such statements.
About Allied
Allied is a leading operator of distinctive
urban workspace in Canada’s major cities and network-dense UDC
space in Toronto. Allied’s mission is to provide knowledge-based
organizations with workspace and UDC space that is sustainable and
conducive to human wellness, creativity, connectivity and
diversity. Allied’s vision is to make a continuous contribution to
cities and culture that elevates and inspires the humanity in all
people.
FOR FURTHER INFORMATION, PLEASE
CONTACT:
Michael EmoryPresident & Chief Executive
Officer(416) 977-0643memory@alliedreit.com
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