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.
“We no longer have any doubt about our ability to issue a 10-year bond. There is demand for it and our bonds have traded very, very well,” Emory said in an interview at Bloomberg’s Toronto office. “There’s a very good chance we will issue a 10-year unsecured debenture in the latter half of 2018.”
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