Allied Properties Real Estate Investment Trust Announces Closing of Class I Office Property in Montreal

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Tue Aug 5, 2008 1:40pm EDT 

  TORONTO, ONTARIO, Aug 05 (MARKET WIRE) -- 
Allied Properties REIT (TSX: AP.UN) announced today that it has completed
the previously announced acquisition of 5505 Saint-Laurent Boulevard in
Montreal. The REIT's portfolio now exceeds 5.5 million square feet of GLA
with Toronto representing 51% of the total, Montreal 36% and Winnipeg,
Quebec City and Kitchener the balance.

    Allied Properties REIT is the leading owner and manager of Class I office
properties in Canada, with portfolio assets in the urban areas of
Toronto, Montreal, Winnipeg, Quebec City and Kitchener. The objectives of
the REIT are to provide stable and growing cash distributions to
unitholders and to maximize unitholder value through effective management
and accretive portfolio growth.

Contacts:
Allied Properties Real Estate Investment Trust
Michael R. Emory
President and Chief Executive Officer
(416) 977-9002
Email: memory@alliedpropertiesreit.com

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