Allied Properties REIT ready for more acquisitions

* REIT sees property opportunities in Toronto, Montreal

* Says Vancouver market too expensive to enter right now

By Ka Yan Ng

TORONTO, Nov 11 (Reuters) - Allied Properties Real Estate Investment Trust (AP_u.TO) is ready to buy more properties in Toronto and Montreal, building on an existing portfolio of urban office space, the REIT said on Wednesday.

That was a more optimistic outlook than earlier this year, when Allied said it was not optimistic on prospects to buy new property, even though it had cash available.

"Happily, I was wrong in holding out little hope but entirely correct in proclaiming readiness," Chief Executive Michael Emory said in a conference call with analysts.

"The expectation that Allied Properties REIT will continue to be an active acquisitor going forward is a reasonable expectation to have."

Allied released slightly weaker-than-expected third quarter results after markets closed on Tuesday and said it agreed to buy two properties in downtown Toronto for about C$31 million [ID:nWNAB4095]. It announced a $192 million deal in September.

One of the new acquisitions will build on an existing project in a high-traffic downtown retail area with restaurants and night life, as well as chain and independent stores.