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Allied and RioCan Achieve 93% Lease-Up of Office Space Under Construction at King Portland Centre in Toronto

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TORONTO, ONTARIO, Jul 19, 2017 (Marketwired via COMTEX) -- Shopify Expands its Requirement to Approximately 158,520 Square Feet

TORONTO, ONTARIO--(Marketwired - July 19, 2017) - Allied Properties REIT (AP.UN) and RioCan REIT (REI.UN) today announced another important lease transaction in connection with the development of King Portland Centre in Toronto. Shopify has signed a commitment to expand its lease requirement by approximately 46,234 square feet of GLA, bringing its total requirement in the new office space under construction at King Portland Centre to approximately 158,520 square feet of GLA and the total leased area of the new office component to approximately 93%.

King Portland Centre, 602-620 and 642 King Street West, Toronto

The overall development site for King Portland Centre includes 79,975 square feet of land with frontage on King Street West, Portland Street and Adelaide Street West and is comprised of a restored heritage structure, 602-604 King West (the "Rental Property"), an adjacent property extending from King West through to Adelaide West (the "Development Property") and a heritage structure under restoration, 642 King West (the "Ancillary Property"). The Rental Property is substantially leased and is expected to remain so through the development process. The Ancillary Property is undergoing restoration and is scheduled for completion in early 2018.

Allied and RioCan are building a new structure on the Development Property that will be integrated with the Rental Property and the Ancillary Property. The new structure will be comprised of 256,173 square feet of office GLA and 13,035 square feet of retail GLA fronting on King West and approximately 116 residential units fronting on Adelaide West. The office and retail components of King Portland Centre have been designed to a LEED (Leadership in Energy and Environmental Design) CS (Core & Shell) Platinum standard and will include best-in-class operational, environmental, life-safety and health and wellness systems.

Each of Allied and RioCan owns an undivided 50% interest in the Rental Property, the Development Property and the Ancillary Property. On completion of the new...