In a continued effort to sell non-core assets in order to deleverage itself, Toronto-based Allied Properties REIT (TSX: AP.UN) completed $197 million in sales in Q2 2026, according to its latest financial report.
That $197 million in sales consists of the $74 million sale of the high-rise office building located at 1185 West Georgia Street in Vancouver to an affiliate of Holborn Group, as first reported by Western Investor last month.
The remaining $123 million in sales were then pertaining to six properties all located in Toronto. Details of the six sales, which all occurred on June 12, are as follows.
468–496 Queen Street East (Dominion Square) - $67,040,000
Constructed in 1878, the building was originally the Dominion Brewery before it closed in 1936. The building was then restored in the late 1980s. It consists of three buildings: 468 Queen Street North, 468 Queen Street South, and 478-496 Queen Street East, which were 65.3%, 75.8%, and 88.0% leased, according to Allied’s Q1 2026 report.
193 Yonge Street - $18,510,000
Another historic building, the 51,247 sq. ft office building was originally constructed in 1903 and is located right next to the 60-storey Massey Tower at 197 Yonge Street, developed by MOD Developments, Tricon XII Limited Partnership, and Vancouver-based developer Intracorp, which previously also owned 193 Yonge Street. 193 Yonge was 100% leased as of Q1.
257 Adelaide Street West - $15,210,000
Located in the Entertainment District, the six-storey brick-and-beam office is also a registered heritage building. The building is home to 37,927 sq. ft of space, with floor plates of approximately 6,500 sq. ft. According to Allied’s Q1 2026 report, the building is 34.5% leased.
200 Adelaide Street West - $11,030,000
Yet another heritage building, the building was originally constructed in 1913 and is known as the Canadian Magazine Building. The five-storey 26,614 sq. ft building “is architecturally significant as a well-designed example of the early tall commercial building type, typified by the Classical organization and detailing,” according to Architectural Conservancy Ontario. The building was 71.4% leased as of Q1.
208-210 Adelaide Street West - $4,490,000
Located directly west of 200 Adelaide W is this office building of a similar style, although this one is not a registered heritage building. The building is home to 11,477 sq. ft of space, which was 100% leased as of Q1, according to Allied.
116 Simcoe Street - $6,720,000
Located on the east of 200 Adelaide, this is yet another brick-and-beam office building. The building is home to approximately 15,495 sq. ft of office space, which was also 100% leased as of Q1, according to Allied’s report for that quarter.
“Allied’s disposition program remains a key strategic priority and will continue to support deleveraging objectives,” said the REIT in its Q2 press release. “For 2026, Allied set a disposition target of approximately $500 million, and is currently on track to meet that target.”
For the year, Allied has now completed a total of $243 million in sales, meaning it is about halfway to its target after two quarters.
Allied says that a $78 million sale is also now firm and set to close in Q3.
“The remaining pipeline is at various stages of marketing and includes two rental-residential assets, with dispositions targeted to close by year-end 2026,” said Allied. “All proceeds from disposition will be allocated to repaying debt.”
Allied has also previously signalled its intentions to sell TELUS Sky in Calgary and 19 Duncan in Toronto, two trophy mixed-use towers also known as Calgary House and Toronto House that Allied co-developed with Vancouver-based developer Westbank.
In its Q2 report, Allied said both properties are still being held for sale.
