Allied Properties Real Estate Investment Trust announces closing of $100 million public equity offering


    TORONTO, April 12 /CNW/ - Allied Properties REIT (TSX:AP.UN) announced
today that it has closed the previously announced offering of 4,825,000 units
at a price of $20.75 per unit for gross proceeds of just over $100 million.
The units were qualified by a short form prospectus dated March 27, 2007, and
were underwritten by a syndicate led by Scotia Capital Inc.
    The REIT intends to use the net proceeds of the offering to fund a
portion of the purchase price for the recently announced acquisition of Cité
Multimédia in Montreal. The acquisition is scheduled to close today.

    Allied Properties REIT is a leading provider of Class I office space in
Canada, with portfolio assets in the urban areas of Toronto, Montreal,
Winnipeg and Quebec City. The objectives of the REIT are to provide stable and
growing cash distributions to unitholders and to maximize unitholder value
through effective management and accretive portfolio growth.

For further information:

For further information: Michael R. Emory, President and Chief Executive
Officer, (416) 977-9002,

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