As part of an expansion into Western Canada, Allied Properties REIT (TSX:AP.UN) announced it has acquired a Water Street property in Vancouver, a Bastion Square property in Victoria and two Calgary properties for $51 million.
“These acquisitions will establish a solid foothold in Victoria and strengthen our foothold in each of Vancouver and Calgary,” Allied Properties president and CEO Michael Emory said in a news release. “We see great potential to expand our urban office platform in Western Canada.”
Emory added the company is planning to set up a regional office in Calgary to “propel and manage” growth in the company’s Winnipeg, Calgary, Vancouver and Victoria target markets.
Allied Properties’ Vancouver acquisition at 353 Water Street has 27,681 square feet of gross leasable area (GLA) and five surface parking spots and is leased out to tenants that match the company’s desired tenant base, such as Metasoft. The zoning and structure would permit the addition of two office floors, which would add 10,000 square feet of GLA.
The company’s Victoria acquisition, the MacDonald Block, has 32,485 square feet of GLA, 10 surface parking spots, and is 93% leased to tenants that match the company’s desired tenant base, including the Auditor General of B.C.
Calls to Allied Properties were not returned by press time.