|By Marketwired .||
|January 20, 2014 05:50 PM EST||
TORONTO, ONTARIO -- (Marketwired) -- 01/20/14 -- Allied Properties REIT (TSX:AP.UN) announced today that it has entered into agreements to purchase the following properties for $69.2 million:
Total Office Retail Parking Address GLA GLA GLA Spaces ---------------------------------------------------------------------------- 85 Rue St. Paul, Montreal 79,778 79,778 - 25 The Pilkington Building, 402 - 11th Avenue S.E., Calgary 48,223 48,223 - 44 The Biscuit Block, 438 - 11th Avenue S.E., Calgary 54,073 54,073 - 39 ---------------------------------------------------------------------------- 182,074 182,074 - 108 ----------------------------------------------------------------------------
"We continue to find high-quality infill properties that fit squarely within our investment parameters," said Michael Emory, President & CEO. "In addition to being immediately accretive, each of these properties is close to one or more of our existing properties. The Calgary properties form nearly half a city block in the heart of the Warehouse District."
Allied also announced the establishment of a fourth intensification joint venture with RioCan REIT through the acquisition of an undivided 50% interest in 491 College Street and 289 Palmerston Avenue in Toronto. "This is our fourth intensification JV with RioCan," said Mr. Emory. "It will enable both of us to build on the collaborative relationship that has been developed through the College & Manning JV, the King & Portland JV and the Downtown West JV, all of which are progressing well."
The Montreal Property
Located on the northeast corner of Rue St. Paul and Rue St. Sulpice, this property is comprised of 79,778 square feet of GLA, all of which is leased to tenants consistent in character and quality with Allied's tenant base. Built in 1861, the building was renovated and upgraded in 2001.
The Pilkington Building, Calgary
Located on northeast corner of 11th Avenue S.E. and 3th Street S.E., this property is comprised of 48,223 square feet of GLA, all of which is leased to tenants consistent in character and quality with Allied's tenant base, and 44 surface parking spaces. Built in 1913, the building was renovated and upgraded in 2012.
The Biscuit Block, Calgary
Located on northwest corner of 11th Avenue S.E. and 4th Street S.E., this property is comprised of 54,073 square feet of GLA, all of which is leased to tenants consistent in character and quality with Allied's tenant base, nine surface parking spaces and 30 underground parking spaces. Built in 1912, the building was renovated and upgraded in 2013.
Closing and Financing
The acquisitions in Montreal and Calgary are expected to close in February and March of 2014, subject to customary conditions. The purchase price for the three properties represents a capitalization rate of approximately 6.8% applied to the current annual net operating income ("NOI"). 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.
College & Palmerston Joint Venture, Toronto
491 College Street and 289 Palmerston Avenue are comprised of 15,651 square feet of land on the south side of College and the east side of Palmerston. The College portion has 90 feet of frontage and includes a heritage building with just over 10,000 square feet of GLA. The Palmerston portion is separated from the College portion by a public laneway and is currently used for ancillary parking. The property was acquired by Allied and RioCan on a 50/50 basis in late December of 2013 for $7.7 million without the use of mortgage financing. While currently operating the property for rental purposes, the joint venture intends to intensify it over time by creating a mixed-use office, retail and residential complex, similar in concept to the one contemplated by the College & Manning JV.
This press release may contain forward-looking statements with respect to Allied, its operations, strategy, financial performance and condition. These statements generally can be identified by use of forward looking words such as "may", "will", "expect", "estimate", "anticipate", intends", "believe" or "continue" or the negative thereof or similar variations. The actual results and performance of Allied discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that the transactions contemplated herein are completed. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulations and the factors described under "Risk Factors" in Allied's Annual Information Form, which is available at www.sedar.com. These cautionary statements qualify all forward-looking statements attributable to Allied and persons acting on Allied's behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and the parties have no obligation to update such statements.
"Capitalization rate" is not a measure recognized under International Financial Reporting Standards ("IFRS") and does not have any standardized meaning prescribed by IFRS. Capitalization rate is presented in this press release because management of Allied believes that this non-IFRS measure is relevant in interpreting the purchase price of the properties being acquired. Capitalization rate, as computed by Allied, may differ from similar computations as reported by other similar organizations and, accordingly, may not be comparable to capitalization rate reported by such organizations.
NOI is not a measure recognized under IFRS and does not have any standardized meaning prescribed by IFRS. NOI is presented in this press release because management of Allied believes that this non-IFRS measure is relevant in interpreting the purchase price of the property being acquired. NOI, as computed by Allied, may differ from similar computations as reported by other similar organizations and, accordingly, may not be comparable to NOI reported by such organizations.
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.
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Feb. 25, 2017 01:15 PM EST Reads: 2,158
Column Technologies exhibited at SYS-CON's @DevOpsSummit at Cloud Expo, which took place at the Javits Center in New York City, NY, in June 2016. Established in 1998, Column Technologies is a global technology solutions provider with over 400 employees, headquartered in the United States with offices in Canada, India, and the United Kingdom. Column Technologies provides “Best of Breed” technology solutions that automate the key DevOps principals and help our customers meet today’s DevOps and Dig...
Feb. 25, 2017 12:45 PM EST Reads: 1,135
Feb. 25, 2017 12:45 PM EST Reads: 2,850
Cloud Expo, Inc. has announced today that Aruna Ravichandran, vice president of DevOps Product and Solutions Marketing at CA Technologies, has been named co-conference chair of DevOps at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Feb. 25, 2017 12:45 PM EST Reads: 2,024
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
Feb. 25, 2017 12:45 PM EST Reads: 2,816
@ThingsExpo has been named the Top 5 Most Influential Internet of Things Brand by Onalytica in the ‘The Internet of Things Landscape 2015: Top 100 Individuals and Brands.' Onalytica analyzed Twitter conversations around the #IoT debate to uncover the most influential brands and individuals driving the conversation. Onalytica captured data from 56,224 users. The PageRank based methodology they use to extract influencers on a particular topic (tweets mentioning #InternetofThings or #IoT in this ca...
Feb. 25, 2017 12:15 PM EST Reads: 13,251
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
Feb. 25, 2017 12:15 PM EST Reads: 1,852
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Feb. 25, 2017 11:45 AM EST Reads: 1,584
Feb. 25, 2017 11:45 AM EST Reads: 5,840
DevOps and microservices are permeating software engineering teams broadly, whether these teams are in pure software shops but happen to run a business, such Uber and Airbnb, or in companies that rely heavily on software to run more traditional business, such as financial firms or high-end manufacturers. Microservices and DevOps have created software development and therefore business speed and agility benefits, but they have also created problems; specifically, they have created software securi...
Feb. 25, 2017 11:00 AM EST Reads: 3,878
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business. Though, IoT is far more complex than most firms expected with a majority of IoT projects having failed. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, Chief IoTologist at Wipro, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology portfolios and business models to adopt and leverage IoT. He will delve in...
Feb. 25, 2017 10:45 AM EST Reads: 2,543
In the enterprise today, connected IoT devices are everywhere – both inside and outside corporate environments. The need to identify, manage, control and secure a quickly growing web of connections and outside devices is making the already challenging task of security even more important, and onerous. In his session at @ThingsExpo, Rich Boyer, CISO and Chief Architect for Security at NTT i3, will discuss new ways of thinking and the approaches needed to address the emerging challenges of securit...
Feb. 25, 2017 10:30 AM EST Reads: 1,731
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
Feb. 25, 2017 10:00 AM EST Reads: 5,431
As cloud adoption continues to transform business, today's global enterprises are challenged with managing a growing amount of information living outside of the data center. The rapid adoption of IoT and increasingly mobile workforce are exacerbating the problem. Ensuring secure data sharing and efficient backup poses capacity and bandwidth considerations as well as policy and regulatory compliance issues.
Feb. 25, 2017 10:00 AM EST Reads: 2,139
In his session at 20th Cloud Expo, Chris Carter, CEO of Approyo, will discuss the basic set up and solution for an SAP solution in the cloud and what it means to the viability of your company. Chris Carter is CEO of Approyo. He works with business around the globe, to assist them in their journey to the usage of Big Data in the forms of Hadoop (Cloudera and Hortonwork's) and SAP HANA. At Approyo, we support firms who are looking for knowledge to grow through current business process, where even...
Feb. 25, 2017 10:00 AM EST Reads: 920