Allied Properties Real Estate Investment Trust Announces Closing of Acquisitions and Disposition of Non-Core Asset

TORONTO, ONTARIO--(Marketwire - Feb. 16, 2012) - Allied Properties REIT (TSX:AP-UN.TO - News) announced today that it has closed the acquisition of the following properties:

                                     Total   Office   Retail                

Address                                GLA      GLA      GLA  Parking Spaces

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Leeson and Lineham Block, Calgary   30,481   25,305    5,176               4

Land Lease, The Chambers, Ottawa   211,861  195,991   15,870             144

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Total                              242,342  221,296   21,046             148

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Allied announced the agreements to acquire these properties in November of last year, along with an agreement to acquire the Westcoast Building in Calgary. On completion of due-diligence, Allied elected not to proceed with the acquisition of the Westcoast Building.

Allied also announced that it has closed the sale of 67 Richmond Street West in Toronto. This was a non-core asset that had no ongoing strategic significance in the context of Allied's portfolio.

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.