Allied to Develop the Dominion Building in Vancouver From Military & Navy Properties

TORONTO, Oct. 12, 2021 (GLOBE NEWSWIRE) — Allied Properties Precise Property Investment Believe (“Allied”) (TSX:AP.UN) launched this day that this will impact the Dominion Building in Vancouver from Military & Navy Properties.

The Dominion Building is designated as a Class A heritage constructing, as is Allied’s Solar Tower proper to the southeast. Done in 1910 and known because the Dominion Believe Building, it became as soon as the tallest industrial constructing in the British Empire for a expeditiously time, rising 53 meters over 13 storeys. On completion in 1912, Solar Tower (known first and main because the World Building after The Vancouver World newspaper) outdated the Dominion Believe Building, rising 82 meters over 17 storeys.

The Dominion Believe, which later became The Dominion Monetary institution, completed the constructing in the midst of a fantastic economic boost. It became as soon as share of the next effort to fetch Vancouver the monetary hub of Western Canada. Admire many bank buildings that adopted, it had a colossal banking hall at the wrong extending over your total lot and severely smaller floors above for entrance- and aid-workplace utilize. Since the lot became as soon as trapezoidal, the architect designed the constructing with “flat-iron” proportions. The “flat” part faces southeast (toward Solar Tower) at the intersection of West Hastings and Cambie Streets.

Samuel Cohen, Founder of Military & Navy Department Stores, bought the Dominion Building in 1943, and the Cohen family has operated it ever since with sensitivity and commitment to the wants and evolution of the encircling Downtown Eastside neighbourhood. Over that point, the Dominion Building has remained a visible, economic and social landmark in Downtown Vancouver.

“We’ll be a worthy successor proprietor to Military & Navy Properties in the case of both sensitivity and commitment to Downtown Vancouver,” said Michael Emory, Allied’s President & CEO. “Ensuing from its situation, constructing attributes and operating history over many decades, the Dominion Building will allow us to accommodate smaller customers who need extra flexible rent terms. This is prone to be particularly worthwhile as we reconfigure other buildings with higher floorplates to accommodate higher customers with longer-time length necessities.”

Tech, promoting, media and knowledge (TAMI) customers are propelling the Vancouver workplace market to novel heights. They are also exhibiting a made up our minds preference for the location of Downtown Vancouver east of Granville Avenue, which involves Allied’s total Vancouver portfolio. As in other vital Canadian cities, TAMI customers in Vancouver resolve to be in combined-utilize, amenity-rich city neighbourhoods. The Dominion Building is positioned at the jap edge of Gastown and is equidistant from Allied’s The Touchdown (375 Water Avenue at the other stop of Gastown) and Allied’s Solar Tower (128 West Pender Avenue in Crosstown). It involves roughly 80,000 sq. feet of leasable location.

Allied is first, main and above all a industrial-real-property operating platform. Its mission is to fetch distinctive city workspace and network-dense city-knowledge-centre (UDC) plight to the broadest conceivable spectrum of knowledge-essentially based mostly organizations in Canada’s vital cities. Extra than anything else, Allied is defined by the organizations it serves and by the humanistic values it has adopted. Its investment and operating focal point superior essentially based totally on the insist wants of knowledge-essentially based mostly organizations over the past few decades and might perhaps well continue to conform in that manner going forward.

Allied expects the acquisition of the Dominion Building to shut in mid-November of 2021, arena to mature conditions. Allied expects to fund the acquisition with its operating line of credit in the shut to time length. On that foundation, Allied expects the acquisition to be accretive to annual FFO and AFFO per unit from the outset.

About Allied

Allied is a number one proprietor, supervisor and developer of (i) distinctive city workspace in Canada’s vital cities and (ii) network-dense city knowledge centres in Toronto that create Canada’s hub for world connectivity. Allied’s switch is providing knowledge-essentially based mostly organizations with distinctive city environments for creativity and connectivity.

Cautionary Statements

This press liberate might perhaps well dangle forward-having a notion statements with appreciate to (i) Allied, (ii) its operations, formula, monetary efficiency and situation and (iii) the anticipated impact of the transactions contemplated on this press liberate. These statements in overall will also be identified by utilize of forward having a notion words much like “might perhaps well”, “will”, “expect”, “estimate”, “stop wide awake for”, “intends”, “disclose” or “continue” or the unfavourable thereof or identical diversifications. The real results and efficiency of Allied discussed herein might perhaps well fluctuate materially from those expressed or implied by such statements. Such statements are qualified of their entirety by the inherent dangers and uncertainties surrounding future expectations, together with that the transaction contemplated herein is completed and personal the anticipated impact on funding and earnings. Well-known components that might perhaps cause actual results to fluctuate materially from expectations consist of, amongst other things, overall economic and market conditions, competition, modifications in government guidelines and the components described below “Probability Factors” in Allied’s Annual Knowledge Develop, which is supplied at www.sedar.com. These cautionary statements qualify all forward-having a notion statements attributable to Allied and persons acting on Allied’s behalf. Unless otherwise acknowledged, all forward-having a notion statements speak finest as of the date of this press liberate and the parties have not any obligation to change such statements.

For extra knowledge, please contact:

Michael Emory, President & CEO

(416) 977-0643

[email protected]

Cecilia Williams, Govt Vice President & CFO

(416) 977-9002

[email protected]