Allied Provides Update on UDC Portfolio Nov, 2022

The prospectus supplement to Allied’s short form basic shelf prospectus dated June 2, 2021, as modified on November 11, 2021, for which this news release serves as a “designated news release” is dated November 12, 2021.

TORONTO, Nov. 24, 2022 — It has been verified by Allied Properties Real Estate Investment Trust (“Allied”) (TSX: “AP.UN”) that it is looking into selling its Toronto urban data center (UDC) portfolio. 20 York Street, the location of Union Centre, is not included in Allied’s UDC portfolio and thus is free of obligations. Allied’s financial advisor about this exploration is Scotiabank.

Strategic prospects that management thinks would be in the best interest of Allied and its stakeholders are frequently reviewed and evaluated by Allied. There can be no assurance that the current exploration will lead to a decision to enter into any transaction because Allied has not agreed to implement any specific deal connected to its UDC portfolio.

As a matter of policy, Allied refrains from commenting on unusual market behavior, rumors, or speculation and only addresses significant changes to applicable securities laws. Allied will not release any additional information regarding a potential transaction involving its UDC portfolio unless it determines that doing so is required by applicable securities laws.

Cautionary Statements

Forward-looking statements may be found in this press release regarding (i) Allied, (ii) its operations, strategy, financial performance, and condition, and (iii) the anticipated effects of the transactions mentioned in this press release. Forward-looking language like “may,” “will,” “expect,” “estimate,” “anticipate,” “intends,” “believe,” or “continue,” or their negatives can generally be identified as such statements. Forward-looking statements are included in this news release, namely those relating to a potential sale involving the UDC portfolio.

The inherent risks and uncertainties accompanying future expectations, including that the transactions proposed here be completed and have the anticipated effects on funding and earnings, ultimately qualify these statements. Among other things, general economic and market conditions, competition, modifications to governmental regulations, and the factors listed under “Risk Factors” in Allied’s Annual Information Form, which is accessible at, are significant variables that could cause actual results to differ materially from expectations. These cautionary disclaimers qualify all forward-looking statements made by Allied and those acting on its behalf. All forward-looking statements, unless otherwise noted, speak only as of the publication date of this press release, and Allied disclaims any duty to update such statements.

About Allied

In Canada’s major cities, Allied is a key operator of innovative urban workplaces, and in Toronto, it operates network-dense UDC space. Allied aims to offer knowledge-based enterprises workspace and UDC space that is environmentally friendly and supportive of diversity, human wellness, and connectivity. The mission of Allied is to consistently support communities and cultures that uplift and inspire humanity in all people.


Michael Emory
President & Chief Executive Officer
(416) 977-0643

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