Prime properties in prime locations. Long-term positive for AP.
Near-term higher debt and lower cash flow. Negative for AP. May revive doubt about the dividend.
$200mm expected proceeds from non-core asset sales in Toronto and Montreal (noting “unsolicited offers to purchase specific properties” and “there appears to be considerable demand for such property in Montreal and Toronto”). Positive implications for AP and D.
Possible strategic shift towards residential development (“establish our urban rental-residential portfolio in a concrete, material and timely way”). Probably very positive long-term because AP has large densification potential in downtown Toronto, but until now intended that for office development for which there is no foreseeable demand.
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Allied to Acquire Ownership Interest in 400 West Georgia and Increase Ownership Interest in 19 Duncan
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https://alliedreit.com/wp-content/uploads/2024/03/PressRelease_March11_EN.pdf
Takeaways:
Prime properties in prime locations. Long-term positive for AP.
Near-term higher debt and lower cash flow. Negative for AP. May revive doubt about the dividend.
$200mm expected proceeds from non-core asset sales in Toronto and Montreal (noting “unsolicited offers to purchase specific properties” and “there appears to be considerable demand for such property in Montreal and Toronto”). Positive implications for AP and D.
Possible strategic shift towards residential development (“establish our urban rental-residential portfolio in a concrete, material and timely way”). Probably very positive long-term because AP has large densification potential in downtown Toronto, but until now intended that for office development for which there is no foreseeable demand.