Allied to sell UDC portfolio to KDDI Corp for C$1.35 bln
Business
Allied to sell UDC portfolio to KDDI Corp for C$1.35 bln
(Reuters) - Allied Properties Real Estate Investment Trust (AP_u.TO) on Wednesday said it has agreed to sell its urban data centre portfolio to Japanese telecommunications provider KDDI Corporation (9433.T) for C$1.35 billion ($1.02 billion).
The portfolio comprises Toronto's 151 Front Street West and 905 King Street West, along with a leasehold interest in 250 Front Street West.
Allied will use around C$1 billion of the sale proceeds to retire debt and the balance to fund its upgrade and development activity over the remainder of 2023 and into 2024, the company said.
Scotiabank, CBRE and Aird & Berlis LLP are advisers to Allied for the transaction, while BofA Securities, Borden Ladner Gervais LLP and Nishimura & Asahi are acting as advisers to KDDI.
