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TORONTO-The only real estate investment trust in Canada focused exclusively on US commercial real estate is gaining a boost in its buying power. Locally headquartered IPC US REIT has entered into an agreement that will increase its acquisition facility from about $100 million to $150 million by the end of the year, IPC chief financial office Dov Meyer tells GlobeSt.com.In addition, Meyer says Allied Irish Bank has joined the lender group. Existing members of the group include Barclays Bank, Keybank, CIBC and the Royal Bank of Canada.With last week’s acquisition of a 30% interest in the State Street Financial Center in Downtown Boston, Meyer says the company retains $200 million of buying power as it heads into 2005. The increase in the facility became available thanks to growth in the company’s assets, which now exceed $1 billion. The REIT’s indebtedness ratio, as defined in its Declaration of Trust, remains in management’s desired range of 60% to 65%. IPC US REIT beneficially owns an 87% economic interest in IPC US and its affiliates. IPC manage and has ownership interests ranging from 30% to 100% in 35 buildings in the US comprising over 9.5 million sf of rentable space. In addition, the REIT holds a $51-million preferred equity investment in the 1.8-million-sf Bank of America Center in San Francisco that it acquired earlier this year.

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