Allied Properties REIT Takes Over KING Toronto Project From Westbank

Summary

Allied Properties REIT announced it has taken full operational control of the KING Toronto mixed‑use development, assuming the development manager role and converting its existing loans to equity, positioning it to own 100% of the project by 2027. The report details a series of loan amendments—including new credit facilities up to $23 million and a green construction loan—to cover cost overruns and keep construction on schedule for a first‑half‑2027 completion, with Whole Foods slated as the retail anchor. Allied also discussed its broader partnership with Westbank, highlighting the 150 West Georgia AI data‑centre project in Vancouver and outlining a strategic plan to sell other joint assets to strengthen its balance sheet ahead of an expected office market recovery.