Canadian office real estate investment trust Allied Properties REIT has finalized a C$500 million offering of 3.095% series I senior unsecured debentures due Feb. 6, 2032.

The offering marks the second green bond issuance under the company's green financing framework.

The REIT plans to contribute the net proceeds from the offering to finance and/or refinance eligible green projects.

Prior to that, it intends to use them to prepay approximately C$494 million aggregate principal amount of first mortgages and for general trust purposes.

Scotia Capital Inc., BMO Nesbitt Burns Inc. and CIBC World Markets Inc. led the syndicate of agents for the offering.

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