Allied Properties Real Estate Investment Trust (Allied) has agreed to purchase three Toronto assets for $101 million.

“These are very strategic acquisitions for Allied, in that they complete or augment large assemblies that fall squarely within our investment and operating focus,” said President and CEO Michael Emory. “Each property affords us the opportunity to boost rental revenue and value within 24 months of acquisition.”

The assets are located at 461 King Street West, 642 King Street West and 47 Front Street East.

“There’s also a large property-specific intensification opportunity at 461 King West and a larger and more general intensification opportunity in conjunction with the properties we own to the east and west of that property,” Emory adds. “The value of these intensification opportunities will be enhanced by construction of The Well to the south, which is expected to commence next year, and construction of King’s Crown to the west, which is expected to commence in 2018.”