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TORONTO,
Dec. 19, 2017 /CNW/
- Automotive Properties Real Estate Investment Trust (TSX:
APR.UN) (the "REIT") today announced that it has replaced its
existing $14.6 million revolving
credit facility ("Facility 3"), maturing in October 2019, with a new $34.0 million credit facility (the "New
Facility") that matures in December
2022.
The New Facility, with a Canadian Schedule I chartered
bank, consists of a $20.0 million
non-revolving loan and a $14.0
million revolving credit facility, each bearing interest at
the Bankers' Acceptance rate plus 150 basis points or the Canadian
prime rate plus 50 basis points, similar to the former Facility
3.
"The new credit facility enhances our financial
flexibility and overall acquisition capacity," said Milton Lamb, President and CEO of Automotive
Properties REIT.
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. Currently, the REIT's
portfolio consists of 39 income producing commercial properties
representing approximately 1.4 million square feet of gross
leasable area in metropolitan markets across Ontario, Saskatchewan, Alberta, British
Columbia 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.
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", "anticipates" 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 ("MD&A") most recently
filed on SEDAR
(www.sedar.com) 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