Allied Properties Real Estate Investment Trust Provides Leasing Update for the Breithaupt Block in Kitchener
13 Fevereiro 2014 - 6:24PM
Marketwired
Allied Properties Real Estate Investment Trust Provides Leasing
Update for the Breithaupt Block in Kitchener
TORONTO, ONTARIO--(Marketwired - Feb 13, 2014) - Allied
Properties REIT (TSX:AP.UN) today provided a leasing update in
connection with one of its properties under development, The
Breithaupt Block in Kitchener. This property was initially
comprised of six industrial buildings in the Warehouse District of
Kitchener with approximately 176,000 square feet of gross leasable
area ("GLA") and two acres of surplus land. Allied owns an
undivided 50% interest in the property with Perimeter Development
Corporation owning the balance. The joint venture has redeveloped
the property for office and ancillary retail use. At the end of
2013, the property was 23% leased to tenants consistent in
character and quality with Allied's tenant base.
The joint venture has entered into a long-term lease with a
substantial tenant for approximately 185,000 square feet of GLA in
the property, commencing in part later this year and in part in
early 2016. The joint venture will add additional GLA to a
two-storey building on the property, bringing the total GLA to
approximately 221,000 square feet. The addition is expected to be
completed in early 2016.
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. Allied's actual results and
performance 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. 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 the Allied's Annual Information
Form which is available at www.sedar.com. The cautionary statements
qualify all forward-looking statements attributable to Allied and
persons acting on its 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.
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.
Allied Properties REITMichael R. EmoryPresident and Chief
Executive Officer(416) 977-9002memory@alliedreit.com
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