Mr. Michael Emory reports

ALLIED AND PARTNERS TO REORGANIZE OWNERSHIP OF TELUS SKY

Allied Properties Real Estate Investment Trust is working with its partners to reorganize the ownership of Telus Sky in Calgary.

Telus Sky is the outcome of a development project undertaken by a joint venture of three equal partners, Telus, Westbank and Allied. It comprises 452,352 square feet of office gross leaseable area, 13,059 square feet of retail GLA, and 156 underground commercial parking and fleet stalls, as well as 326 rental residential units, related common areas and facilities, and 176 underground residential parking stalls. Telus is the anchor tenant of the commercial component, Westbank is the developer of the project and manager of the residential component, and Allied is the manager of the commercial component.

The reorganization will involve Westbank and Allied selling their respective one-third interests in the commercial component to Telus and Telus selling its one-third interest in the residential component to Westbank and Allied in equal shares, with the result that Telus will own 100 per cent of the commercial component and Westbank and Allied will own 100 per cent of the residential component in equal shares.

"This is a win-win transaction for the partners," said Michael Emory, founder and executive chair. "It will address the respective needs and aspirations of the partners optimally and bring our joint venture to a successful conclusion."

About Allied Properties Real Estate Investment Trust

Allied is a leading owner-operator of distinctive urban workspace in Canada's major cities. Allied's mission is to provide knowledge-based organizations with workspace that is sustainable and conducive to human wellness, creativity, connectivity and diversity. Allied's vision is to make a continuous contribution to cities and culture that elevates and inspires the humanity in all people.

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