The Globe and Mail reports in its Friday edition that Allied Properties REIT has raised $560-million in an equity offering that will help the property owner pay down debt, but at the expense of diluting the REIT's existing investors. The Globe's Andrew Willis writes that Allied, one of the country's largest office building owners, announced late Wednesday it sold 40 million units at $10 each to public investors. The $400-million offering exceeded the company's $350-million target. Allied also sold $160-million of units to the Alberta Investment Management Corp. (AIMCo) at the same price. On Tuesday, the REIT said AIMCo would invest at least $150-million. In a conference call Wednesday, Allied executives said they decided to raise money to pay down loans and avoid a credit rating downgrade, knowing they were diluting existing unit holders. Allied announced this week that it missed targets on occupancy rates and property sales last year. The company plans to sell up to $500-million of residential and office buildings by the end of 2026 and use the cash to pay down debt. Prior to launching the financing Tuesday, Allied units closed at $14.05, but dropped sharply to close at $10.14 on Wednesday, and at $9.16 Thursday.