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Allied Properties REIT Completes $500 Million Green Bond Offering

Margaret T. Nelligan, Sherri M. Altshuler, Melanie Cole, Liam Tracey-Raymont, Amy Marcen-Gaudaur, Russell J. Sanders, Meredith McCann, Michael D. Smith, Ethan Eisen and Barbara Worndl

Allied Properties Real Estate Investment Trust (“Allied”), a leading owner, manager and developer of distinctive urban workspace in Canada’s major cities and network-dense urban data centres in Toronto, recently completed a $500 million debt offering of 3.095% series I senior unsecured debentures (the “Series I Debentures”). The Series I Debentures are Allied’s second Green Bond issuance under its previously announced Green Financing Framework.

On August 6, 2021, Allied completed an offering of $500 million aggregate principal amount of Series I Debentures pursuant to a prospectus supplement dated August 3, 2021 to a short form base shelf prospectus dated June 2, 2021. The Series I Debentures were offered on an agency basis by a syndicate of agents led by Scotia Capital Inc., BMO Nesbitt Burns Inc. and CIBC World Markets Inc. Allied intends to allocate the net proceeds of the offering to fund the financing and/or refinancing of eligible green projects as described in its Green Financing Framework.

Aird & Berlis LLP represented Allied with a team comprised of Margaret Nelligan, Sherri Altshuler, Melanie Cole, Liam Tracey-Raymont, Amy Marcen-Gaudaur, Russell Sanders and  Meredith McCann (corporate and securities), Mike Smith and Ethan Eisen (real estate) and Barbara Worndl (tax).

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