Allied Properties Real Estate Investment Trust Announces Closing of Public Equity Offering and Closing of Acquisition

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Allied Properties REIT (TSX:AP.UN) announced today that it has closed its
previously announced offering of 3,834,100 units (inclusive of 500,100 units
issued pursuant to the exercise in full of the underwriters' over-allotment
option) at a price of $30.00 per unit for gross proceeds of just over $115
million. The units were qualified by a short form prospectus dated August 3,
2012, and were underwritten by a syndicate of underwriters led by Scotiabank and
including RBC Capital Markets, CIBC, BMO Capital Markets, TD Securities Inc.,
Macquarie Capital Markets Canada Ltd., National Bank Financial Inc., Canaccord
Genuity Corp., Desjardins Securities Inc., Dundee Securities Ltd. and GMP
Securities L.P.


Allied intends to use the net proceeds of the offering to fund the build-out of
its leased premises at 250 Front Street West in Toronto, to fund future
acquisitions, to repay amounts drawn on its credit facility to fund recent
acquisitions and for general trust purposes.


Allied also announced today that it has closed the previously announced
acquisition of an undivided 50% interest in 6,552 square feet of retail space
and 131 underground commercial parking spaces forming part of the condominium
project at 478 King Street West, Toronto.


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.