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TORONTO, March 29, 2019 /CNW/ – Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (the “REIT”) announced today that it has completed the previously-announced acquisitions of two automotive dealership properties in Winnipeg, Manitoba from AutoCanada Inc. (TSX: ACQ) (“AutoCanada”) for a combined purchase price of approximately $23.95 million (the “Transaction”).
The two properties included in the Transaction are the McNaught Cadillac Buick GMC automotive dealership property located in the Waverley Automall in southwestern Winnipeg, and the St. James Volkswagen automotive dealership property, which is located in close proximity to the Winnipeg International Airport and CF Polo Park, Manitoba's largest shopping centre.
The REIT funded the Transaction through draws on one of its revolving credit facilities and draws on a credit facility that was expanded in conjunction with the Transaction.
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 56 income-producing commercial properties and one development property, representing more than two million square feet of gross leasable area, in metropolitan markets across Ontario, Saskatchewan, Alberta, British Columbia, Manitoba 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
SOURCE Automotive Properties Real Estate Investment Trust
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/ TORONTO, March 29, 2019 /CNW/ – Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (the…