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Allied Properties REIT Completes Sale of Urban Datacentre Portfolio for $1.35 Billion

J. Kyle Genga, Jacob B. Dubelaar, Ethan Eisen, Norman I. Kahn, Jennifer Glied-Goldstein, Margaret T. Nelligan, Sherri M. Altshuler, Melanie Cole, Barbara Worndl, Angelo Gentile, Stephen Zolf and Michael F. Horvat

On August 16, 2023, Allied Properties Real Estate Investment Trust, a leading operator of distinctive urban workspace in Canada’s major cities, announced that it has completed the sale of its network-dense urban datacentre portfolio to a newly-formed Canadian subsidiary of Japanese telecommunications provider KDDI Corporation for $1.35 billion.

The portfolio was comprised of freehold interests in 151 Front Street West and 905 King Street West, and a leasehold interest in 250 Front Street West. The sale proceeds were used to retire debt and fund its upgrade and development activity.

Aird & Berlis advised Allied with a team led by Kyle Genga, Jacob Dubelaar and Ethan Eisen, and including Kristian Arciaga and Jennifer Glied-Goldstein (Real Estate), Margaret Nelligan, Sherri Altshuler and Melanie Cole (Corporate/Securities), Barbara Worndl and Angelo Gentile (Tax), Stephen Zolf (Competition), Eileen Costello (Land Use Planning), and Michael Horvat (Employment).

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