Allied Properties Real Estate Investment Trust announces closing of Class I office property acquisition in Toronto

    TORONTO, April 5 /CNW/ - Allied Properties REIT (TSX:AP.UN) announced
today that it has closed the acquisition of 106 Front Street East, a Class I
office property located in its Toronto target market. The purchase price of
$8 million was funded in part by placement of a first mortgage in the
principal amount of $6.15 million for a term of 10 years at an interest rate
of 5.26% and payable on an interest-only basis in the first five years of the
term and in blended instalments of principal and interest in the last five
years of the term based on a 30-year amortization. The balance of the purchase
price was funded through the REIT's acquisition line of credit.

    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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