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Press release from Marketwire

Allied Properties Real Estate Investment Trust Announces Closing of Toronto Acquisitions

Monday, April 16, 2012

Allied Properties Real Estate Investment Trust Announces Closing of Toronto Acquisitions16:37 EDT Monday, April 16, 2012TORONTO, ONTARIO--(Marketwire - April 16, 2012) - Allied Properties REIT (TSX:AP.UN) announced today that it has closed the previously announced acquisition of the following properties:AddressTotalOfficeRetailParkingGLAGLAGLASpaces57 Spadina Avenue33,30216,17017,132078 Spadina Avenue0004580-82 Spadina Avenue69,11253,10316,0090379 Adelaide Street West36,12536,12500383 Adelaide Street West7,5002,5005,0000Total146,039107,89838,14145The purchase price for the properties was $42 million. Concurrently with closing, Allied placed mortgage financing on the properties in the aggregate principal amount of $29 million for terms ranging from two to three years, bearing interest at a variable rate in reference to bankers' acceptance, currently 3.25% per year on a blended basis, and payable as to interest only during the terms.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.FOR FURTHER INFORMATION PLEASE CONTACT: Michael R. EmoryAllied Properties REITPresident and Chief Executive Officer(416) 977-0643memory@alliedpropertiesreit.com