Allied Eyes 10-Year Bond to Fund Office Push for Toronto Tech
- Developer seeking funds for projects including The Well
- Ontario rent controls are hurdle to bigger push in apartments
Photographer: Galit Rodan/Bloomberg
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Allied Properties Real Estate Investment Trust is planning to spend about C$1 billion ($790 million) over the next five years to meet the frenzied demand for offices by tech workers in Canada’s biggest city.
The office landlord and developer will commit a large chunk of that capital to The Well, 1.6 million square feet of office and retail space in Toronto, targeted for completion in 2021, Chief Executive Officer Michael Emory said. To help fund the project, he reiterated Allied aims to issue 10-year bonds in Canada, likely in the C$200 million range.