Allied Properties, partners to reorganize ownership of TELUS Sky

Allied Properties Real Estate Investment Trust (APYRF) 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 (TU), Westbank and Allied. It is comprised of 452,352 square feet of office GLA, 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 1/3 interests in the Commercial Component to TELUS and TELUS selling its 1/3 interest in the Residential Component to Westbank and Allied in equal shares, with the result that TELUS will own 100% of the Commercial Component and Westbank and Allied will own 100% of the Residential Component in equal shares.