interchange42

Administrator
Staff member
Member Bio
Joined
Apr 23, 2007
Messages
26,378
Reaction score
32,191
City:
Toronto
This tower is far enough off that I'll believe the performance venue is going in… when the performance venue goes in.

We wrote about the performance venue back in 2019 when it was revealed that Allied and Westbank had hired BIG to redesign the building. We then wrote about the performance venue being axed in 2020 by the time the DRP were getting a look at the project.

So, it was proposed, then it was axed, now it's proposed again, and there are no tenants, so no building. Why would we write about it again until something were actually happening?

42
 

AlbertC

Superstar
Member Bio
Joined
Apr 25, 2007
Messages
19,775
Reaction score
48,639
City:
Toronto

Allied Properties REIT (AP-UN-T) has confirmed it is exploring the potential sale of its Toronto-based urban data centre (UDC) portfolio.

In a brief release Thursday morning, the Toronto-based REIT said the portfolio is unencumbered and does not include the Union Centre property at 20 York St.

It identifies Scotiabank as its financial advisor but offers few other details other than to note it has not entered into any agreements at this point. It also notes there is no guarantee the trust will end up disposing of the portfolio.

The trust does not intend to make any further comment about the process.

"As a matter of policy, Allied does not comment on unusual market activity, rumours or speculation and only comments on material developments in accordance with relevant securities legislation,” the release states.

“Allied does not intend to make any further public announcement about a potential transaction related to its UDC portfolio unless it determines that disclosure is required by applicable securities laws.”

--------

Allied's Toronto UDC portfolio​

Allied currently operates three network-dense UDC spaces in downtown Toronto.

The trust established the capability in 2009 when it acquired 151 Front St. W., which it notes is “the largest internet exchange point in Canada and the third-largest in North America.”

It has since expanded its data centre portfolio by retrofitting a portion of 905 King St. W. and a portion of 250 Front St. W.

“Allied’s deep expertise in adaptively re-using urban structures has contributed meaningfully to its success in operating network-dense data centre space in downtown Toronto,” the trust states in its Q3 financial report.
 

Top