Allied PropertiesREIT has agreed to issue C$150 million aggregate principal amount ofseries B senior unsecured debentures, which will bear interest at a rate of 3.934%per annum and will mature Nov. 14, 2022.

The company plans to use the net proceeds to finance a portionof the purchase priceof a portfolio of Montreal properties; to repay amounts drawn on its unsecured creditfacility used for general capital funding pertaining to Allied's capital improvements,acquisitions and intensification projects; and for general working capital purposes.

The company expects the offering to close by May 12.

The debentures are being offered on an agency basis by a syndicateof agents co-led by BMO Capital Markets, Scotia Capital Inc. and TD Securities Inc.