/− NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES −/
TORONTO, June 19, 2018 /CNW/ - Automotive Properties Real
Estate Investment Trust (TSX: APR.UN) (the "REIT") today announced
that it has closed the previously-announced acquisition of the
Country Hills Volkswagen dealership property (the "Property") in
Calgary, Alberta. The Property
includes a newly-built 34,646 square-foot, full-service Volkswagen
dealership facility located on approximately 4.7 acres at 11380
Stonehill Drive NE, a busy commercial corridor just north of the
Calgary International Airport.
The REIT funded a portion of the $18
million purchase price for the Property through the issuance
of 480,552 trust units of the REIT, valued at approximately
$5.0 million. The remaining
$13 million of the purchase price was
funded through draws on the REIT's credit facilities and cash on
hand.
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 40 income-producing commercial properties, representing
approximately 1.5 million square feet of gross leasable area, and
one development property 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", "intends", "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