retail space

Allied to buy prime Montreal office & retail space

Thursday, May 5, 2016

Allied Properties will acquire one million square feet of office and retail space in downtown Montreal.

Here’s a list of properties Michael Emory, president and chief executive officer of Allied, calls “a significant and timely series of acquisitions.”

  • Le Nordelec Rental, 786, 954 total GLA
  • Le Nordelec Development, 37, 051 GLA
  • 740 St-Maurice Street, 67,869 GLA
  • 480 St-Laurent Blvd., 53,530, GLA
  • 3510 St-Laurent Blvd., 98,824 GLA
  • 8 Place du Commerce, 57,236 GLA

“Not only will the in-place rental revenue be meaningfully accretive to our AFFO per unit, Le Nordelec will afford us opportunities to boost rental revenue and value going forward, Emory adds. “These opportunities include, 235,262 square feet of vacant Class I office and retail GLA that we intend to lease over time, 192,865 square feet of underutilized land that we can intensify in time and 251,000 square feet of approved residential area that we can construct in time, in all likelihood with a residential partner.”

 

 

 

 

 

 

 

 

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