TORONTO, Oct. 02, 2018 (GLOBE NEWSWIRE) -- Allied Properties REIT (TSX:AP.UN) today provided a leasing update on Cité Multimédia in Montréal.

Cité Multimédia has become a cornerstone of Allied’s Montréal portfolio. Having occupied 114,319 square feet of GLA at the property for eight years now, an existing user agreed to extend its lease for a term of 10 years commencing October 1, 2020. The user has also agreed to expand its GLA at the property by 74,553 square feet in three phases between November 1, 2018, and July 1, 2019, with all of the expansion GLA to be coterminous with the extension of its existing lease.

This lease transaction is significant in three respects. First, it will help sustain the high level of occupancy at Cité Multimédia. Second, it will improve the lease-maturity schedule at the property meaningfully. Third, it reflects the depth and breadth of demand for Class I office space in the Old Montréal neighbourhood generally and the property specifically.

Cautionary Statements

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. Allied’s actual results and performance 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.  The cautionary statements qualify all forward-looking statements attributable to Allied and persons acting on its behalf.  Unless otherwise stated, all forward-looking statements speak only as of the date of this press release, and Allied has no obligation to update such statements.

About Allied

Allied is a leading owner, manager and developer of (i) distinctive urban workspace in Canada’s major cities and (ii) network-dense urban data centres in Toronto that form Canada’s hub for global connectivity. Allied’s business is providing knowledge-based organizations with distinctive urban environments for creativity and connectivity.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Michael R. Emory
President and Chief Executive Officer
(416) 977-0643
memory@alliedreit.com

Thomas G. Burns
Executive Vice President and Chief Operating Officer
(416) 977-9002
tburns@alliedreit.com

Cecilia C. Williams
Executive Vice President and Chief Financial Officer
(416) 977-9002
cwilliams@alliedreit.com