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TORONTO, Nov. 30, 2018 /CNW/ - Automotive Properties
Real Estate Investment Trust (TSX: APR.UN) ("Automotive Properties
REIT" or the "REIT") today announced that it has completed the
previously-announced acquisition of the Brimell Toyota automotive
dealership property (the "Property") in Scarborough, Ontario for a purchase price of
approximately $26.0 million.
Concurrent with the REIT's acquisition of the Property, Drive
Autogroup acquired the Brimell Toyota dealership operating business
and has now entered into a 15-year, triple-net lease with the REIT.
The lease includes contractual rent increases after the third year
of the lease term that will be based on the Ontario Consumer Price
Index. The lease obligations are indemnified by a group of Drive
Autogroup companies.
The Property includes a full-service Toyota dealership built in
2002, a collision centre and a car wash, representing a total gross
leasable area of 55,600 square feet. It is located on approximately
four acres at 5060 Sheppard Avenue East, just west of Markham Road,
a busy commercial corridor with other automotive dealerships nearby
and with convenient access to Highway 401. The REIT funded the
purchase price through its existing revolving credit
facilities.
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 43 income-producing commercial properties,
representing approximately 1.7 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" and "expected".
Forward-looking information includes the REIT's future acquisition
capacity. 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
most recently filed Management Discussion & Analysis and in the
REIT's current annual information form, 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