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The
portfolio comprises Toronto's 151 Front Street West and 905 King
Street West, along with a leasehold interest in 250 Front Street
West.
Allied will use around $1 billion of the sale proceeds to retire
debt and the balance to fund its upgrade and development
activity over the remainder of 2023 and into 2024, the company
said.
Scotiabank, CBRE and Aird & Berlis LLP are advisers to Allied
for the transaction, while BofA Securities, Borden Ladner
Gervais LLP and Nishimura & Asahi are acting as advisers to KDDI.
(Reporting by Pratyush Thakur in Bengaluru; Editing by Dhanya
Ann Thoppil and Pooja Desai)
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