News Releases

Automotive Properties REIT Announces $40 Million Equity Offering

122530feedYesenAutomotive Properties REIT Announces $40 Million Equity Offering


TORONTO, Jan. 17, 2017 /CNW/ – Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (“Automotive Properties REIT” or the “REIT”) announced today that it has entered into an agreement to sell 3,700,000 units of the REIT (the “Units”) on a bought deal basis at a price of $10.85 per Unit (the “Offering Price”) to a syndicate of underwriters co-led by TD Securities Inc. and Canaccord Genuity Corp. for gross proceeds of approximately $40 million (the “Offering”).

In addition, the REIT has granted the syndicate of underwriters an over-allotment option, exercisable in whole or in part at any one time up to 30 days following closing of the Offering, to purchase up to an additional 555,000 Units at the Offering Price which, if exercised in full, would increase the gross proceeds of the Offering to approximately $46 million.

893353 Alberta Inc. (“Dilawri”) has waived its pre-emptive right in connection with the Offering.

Closing of the Offering is expected to occur on or about February 7, 2017, and is subject to certain customary conditions, including approval of the Toronto Stock Exchange.

The REIT intends to use the net proceeds from the Offering to reduce outstanding indebtedness under its credit facility (which may be subsequently redrawn and applied as needed to fund future acquisitions) and for general trust purposes. Since the beginning of the fourth quarter of 2016, the REIT has drawn on its credit facility, in part, to fund the acquisition of 2 properties for a total purchase price of $35.2 million.

The Units will be offered by way of a short form prospectus to be filed on or about January 30, 2017 with the securities commissions and other similar regulatory authorities in each of the provinces of Canada.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Automotive Properties REIT
Automotive Properties REIT is an unincorporated, open-ended real estate investment trust focused on owning and acquiring primarily income-producing automotive dealership properties located in Canada. The REIT’s portfolio of 32 income producing commercial properties represents approximately 1.3 million square feet of gross leasable area in Ontario, Saskatchewan, Alberta, British Columbia and Qu├ębec. Automotive Properties REIT is the only public vehicle in Canada focused on consolidating automotive dealership real estate properties. For more information, please visit:

Forward-Looking Information
This news release contains forward-looking information within the meaning of applicable securities legislation, which reflects the REIT’s current expectations regarding future events and in some cases can be identified by such terms as “will” and “expected”. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT’s control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under “Risks and Uncertainties” in the REIT’s management’s discussion and analysis most recently filed on SEDAR ( and in the REIT’s current annual information form which is also available on SEDAR. The REIT does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. This forward-looking information speaks as of the date of this news release.

SOURCE Automotive Properties Real Estate Investment Trust

Bruce Wigle, Investor Relations, Bay Street Communications, Tel: 647-496-7856; Milton Lamb, President & CEO, Automotive Properties REIT, Tel: (647) 789-2445; Andrew Kalra, CFO & Corporate Secretary, Automotive Properties REIT, Tel: (647) 789-2446

/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/ TORONTO, Jan. 17, 2017 /CNW/ – Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (“Automotive…

10_self<_publish_datetime>1484695740Tue, 17 Jan 2017 18:29:00 -05001484695801Tue, 17 Jan 2017 18:30:01 -0500