Allied Properties REIT is divesting 19 non-core assets across Canada for expected total proceeds of about $488M.

So far this year, the REIT has already two assets, one in Edmonton and one in Vancouver, and has an additional 10 across Canada, including six in Montreal, two in Toronto, one inf Vancouver and one in Calgary, under contract or negotiation. Those asset sales are expected to generate about $231 million in proceeds altogether.

In addition, nine Toronto properties are being marketed with anticipated proceeds of $257 million.

The divestment effort comes after Allied sold seven office properties across the country for $252 million in 2024.

“We’ve continued this year with the immediate objective of improving access to the debt-capital markets and the longer-term objective of serving knowledge-based organizations in Canada’s major cities ever-better and more profitably,” said Michael Emory, Allied’s founder and executive chair.

Allied said it is progressing with its attempt to monetize its loan receivable tied to a mixed-use development project at 150 West Georgia Street in Vancouver.

“Through all the distraction and disruption [in the Canadian office market], we’ve stayed close to our real estate and our customers,” said Emory. “As a Canadian public real estate entity with a clear investment and operating focus, we’re now emerging stronger in a country that itself is emerging stronger and more unified.”

The REIT expects to complete the deals in 2026 after meeting its target of achieving at least $300 million in aggregate proceeds in 2025.

Allied primarily owns and operates urban office properties in Canada’s major cities.

Photo: Allied Properties REIT