TORONTO, Nov. 07, 2018 (GLOBE NEWSWIRE) — Allied Properties Real Estate Investment Trust ("Allied") (TSX:AP.UN) announced today that it has acquired 1220 Homer Street and entered into an agreement to acquire 151 West Hastings Street for total consideration of $57.5 million. "These are strategic acquisitions for Allied, in that we're increasing our penetration in urban Vancouver just as it's transitioning to a primary Canadian office market," said Michael Emory, President and CEO. "1220 Homer augments our concentration of Class I properties in Yaletown. 151 West Hastings will be our first acquisition in Gastown, the Vancouver neighbourhood most like King & Spadina in Toronto, both in its proximity to the Downtown Core and its concentrated heritage scale and texture."