Allied Properties REIT (TSX:AP.UN) entered into agreements to acquire infill properties in Montreal and Calgary for CAD 69.2 million on January 20, 2014. In a related transaction, Allied Properties acquired 50% interest in 491 College Street and 289 Palmerston Avenue in Toronto in joint venture with Riocan Real Estate Investment Trust (TSX:REI.UN) for CAD 7.7 million. The properties will be free and clear of mortgage financing immediately prior closing. Allied plans to place mortgage financing on the properties on or soon after closing and will fund the equity component of the acquisitions with cash-on-hand. The acquisitions in Montreal and Calgary are subject to customary conditions and are expected to close in February and March of 2014. The acquisition is expected to be immediately accretive. On February 13, 2014, Allied Properties REIT closed the acquisition of a strategic infill property, 85 Rue St.
Paul in Montréal. Andrew Oppenheim and Lisa Buriak of Gowlings acted as legal advisors for Allied Properties.