Allied Properties REIT Acquires 1M SF Of Montreal CRE
Allied Properties REIT just acquired more than 1M SF of Montreal office and retail space in a deal worth $218M. The deal includes Le Nordelec, a landmark property boasting one of Canada’s largest Class-1 buildings at 787k SF (above), 37k SF of retail, and 251k SF of residential approved for development. Other office buildings acquired: 740 St-Maurice St (68k SF); 480 St-Laurent Blvd (53.5k SF); and 3510 St-Laurent Blvd (99k SF). All buildings integrate heritage structures. A fifth property, 8 Place du Commerce, doesn’t “fit squarely” within Allied’s investment and operating focus, said the REIT, which plans to sell it.