/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/
TORONTO, Dec. 23, 2019 /CNW/ – Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (“Automotive Properties REIT” or the “REIT”) announced today that it has closed its previously announced bought deal public offering of 7,900,500 units at a price of $11.65 per unit to a syndicate of underwriters bookrun by TD Securities Inc., BMO Capital Markets and Scotiabank for gross proceeds of approximately $92 million (the “Offering”). The Offering included 1,030,500 units issued as a result of the exercise in full of the underwriters’ over-allotment option.
The REIT will use the net proceeds from the Offering to (i) to fund the purchase price and related closing costs in respect of the proposed acquisitions of the Regina BMW and Acura North Vancouver automotive dealership properties from the Dilawri Group, (ii) repay the debt incurred to fund the purchase price for the recently-completed acquisition of the Straightline Kia automotive dealership property from an affiliate of the JV Driver Group and (iii) for general trust purposes, including the repayment of indebtedness and funding of certain committed capital investments.
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 currently consists of 62 income-producing commercial properties, representing more than two million square feet of gross leasable area, in metropolitan markets across British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Québec. Automotive Properties REIT is the only public vehicle in Canada focused on consolidating automotive dealership real estate properties. For more information, please visit: www.automotivepropertiesreit.ca.
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 closing of the proposed acquisitions of the Regina BMW and Acura North Vancouver automotive dealership properties from the Dilawri Group on the terms described, or at all, and the factors discussed under “Risks and Uncertainties” in the REIT’s management’s discussion and analysis for the year ended December 31, 2018 and in the REIT’s annual information form dated March 21, 2019, both of which are available on SEDAR (www.sedar.com). 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 only as of the date of this news release.
SOURCE Automotive Properties Real Estate Investment Trust
/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/ TORONTO, Dec. 23, 2019 /CNW/ – Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (“Automotive…