A solid balance sheet for Allied Properties REIT (AP.UN, $32.46) will give it the flexibility to take on more growth opportunities that come its way in 2014, Dundee’s Frederic Blondeau tells us. “It was set to be a quiet year for them in terms of external growth as the REIT was focusing on internal growth initiatives,” he says. “But they are seeing more opportunities than anticipated and they could potentially surpass last year’s $200M in acquisitions.”
In the image is Allied’s Peter Street development. Allied the other day announced the acquisition of two properties in Calgary and one in Montreal ($69.2M), as well as their existing JV with RioCan, acquiring a parcel of land at Palmerston and College with a 10k GLA heritage building ($7.7M), which will be intensified into a mixed-use development. Dundee sets the 12-month target price for Allied at $36.50.
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