Allied Properties Real Estate Investment Trust has signed a deal to buy two Yale-town office buildings for $42 million. The company announced earlier this week it has signed agreements to buy a 44,667square-foot building at 1040 Hamilton St. and a 24,723-square-foot building at 1286 Homer St. Both buildings are near other Allied holdings. "These will be solid additions to our Vancouver portfolio, with each property augmenting an existing holding in Yaletown," Allied president and chief executive Michael Emory said in a statement. "Once the acquisitions are closed, our Vancouver portfolio will be comprised of five urban office properties with nearly 300,000 square feet of rentable area." The $42 million purchase price represents a capitalization rate of 6.2 per cent and both acquisitions are expected to close in November.
