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TORONTO, Jan. 17, 2022 /CNW/ – Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (“Automotive Properties REIT” or the “REIT”) announced today that it has completed the previously-announced acquisitions of two automotive dealership properties in Quebec (the “Properties”) from Groupe Olivier Capital for a combined purchase price of $23.4 million. The Properties consist of Sherbrooke Honda in Sherbrooke and Magog Honda in Magog. The REIT funded the acquisitions by drawing on its revolving credit facilities and cash on hand.
Concurrent with the REIT’s acquisition of the Properties, affiliates of Groupe Olivier Capital are now the operating tenants of the Properties, and they have each entered into 15-year, triple-net leases with the REIT that include contractual annual rent increases after the first year of the lease term. The lease obligations for the Properties are indemnified by Groupe Olivier Capital.
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 68 income-producing commercial properties, representing approximately 2.6 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 “is 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 & Uncertainties, Critical Judgements & Estimates” in the REIT’s MD&A for the year ended December 31, 2020 and in the REIT’s annual information form dated March 23, 2021, 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 TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/ TORONTO, Jan. 17, 2022 /CNW/ – Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (“Automotive…