TORONTO, July 23, 2018 (GLOBE NEWSWIRE) -- Allied Properties REIT (TSX:AP.UN) today provided a leasing update on 400 West Georgia Street in Vancouver, an urban office development financed by Allied and developed by Westbank. Allied has an obligation to acquire an undivided 50% interest in the property at cost upon placement of permanent mortgage financing.
Westbank has initiated construction of the building on the property. Scheduled for completion in 2020, the building will be a distinctive urban office environment located squarely within an emerging part of Vancouver’s Downtown and in relatively close proximity to Allied’s Yaletown portfolio.
Westbank has now pre-leased 117,000 square feet of GLA to Deloitte for a term of 15 years commencing in late 2020. This represents 33% of the total GLA in the building. Westbank is working toward finalizing leases with two other high-calibre tenants for approximately 165,000 square feet of GLA, which would bring the leased area to approximately 80%.
“With a view to fostering human wellness, diversity and creativity, Westbank is creating transformative workspace at 400 West Georgia,” said Michael Emory, President & CEO. “As an innovative and enlightened user of workspace across Canada, Deloitte is an ideal collaborator for Westbank and Allied in this city-building initiative.”
Cautionary Statements
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, 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. 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.
About Allied
Allied is a leading owner, manager and developer of distinctive urban workspace 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.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Michael R. Emory
President and Chief Executive Officer
(416) 977-9002
memory@alliedreit.com
Thomas G. Burns
Executive Vice President and Chief Operating Officer
(416) 977-9002
tburns@alliedreit.com
Cecilia C. Williams
Executive Vice President and Chief Financial Officer
(416) 977-9002
cwilliams@alliedreit.com