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Ontario  + Canada + Cross Border News + Pacific Canada  + Office  |  August 17, 2023
Allied REIT has completed the sale of a $1.35-billion data centre portfolio.
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By: Monte Stewart

Allied Completes $1.35B Toronto Data Centre Portfolio Sale

Allied Properties REIT has completed the $1.35-billion sale of a data-centre portfolio in downtown Toronto.

Japan’s KDDI Corporation acquired the properties through its wholly owned Canadian subsidiary KDDI Canada.

The portfolio comprises freehold interests at 151 Front Street West and 905 King Street and a leasehold interest in 250 Front Street West. KDDI agreed to purchase the portfolio in June.

With the deal completed, KDDI acquired its first set of Canadian data centres. The telecommunications company also owns and operates data centres in Asia, Europe and the U.S. through its Telehouse subsidiary.

Toronto-based Allied said in a news release that it has used most of the proceeds to pay down debt. The REIT which invests primarily in class A downtown low-rise office space, has been hit hard by the COVID-19 pandemic and shifting work patterns.

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Inside The Story

Allied Properties REITMonte Stewart

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.
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