Allied Properties Real Estate completes initial phase of exploring sale of data centers
Allied Properties Real Estate Investment Trust (APYRF) said Monday it completed the initial phase of exploration of the sale of its carrier-neutral, urban data center portfolio in...
The portfolio includes freehold interests at 151 Front Street West and 905 King Street West as well as a leasehold right at 250 Front Street West. One portion of the proceeds could be used to purchase back units in accordance with its normal course issuer bid. Management believes that the reduction in earnings due to the portfolio sale will be fully offset by the interest savings. We want to first reaffirm and continue our mission over the next few year with low-cost capital. We want to increase our cash flow and decrease our dependence on capital markets in the future," stated CEO Michael Emory. Earlier, Allied Properties was reportedly looking at the possibility of selling three Toronto-based carrier hotel data centers.