Automotive Properties Real Estate Investment Trust (TSX:APR.UN) acquired 4555 Av. de la Renaissance, Laval.
January 03, 2023
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Automotive Properties Real Estate Investment Trust (TSX:APR.UN) entered into an agreement to acquire 4555 Av. de la Renaissance, Laval on December 21, 2022. Simultaneously, Automotive Properties Real Estate Investment Trust (TSX:APR.UN) entered into agreement to acquire five other automotive dealership properties in Quebec. The Purchase price of six automotive dealership properties is approximately CAD 98.5 million. In conjunction with the Acquisitions, the REIT has reached an agreement to increase the amount available under the non-revolving component of one of its credit facilities by CAD 70 million. The REIT will fund the purchase price of the Acquisitions through the increase to one of its credit facilities as described above, draws on its revolving credit facilities and cash on hand, which includes CAD 18.0 million from the recently completed sale of the Kingston Toyota and Lexus of Kingston automotive dealership properties. Automotive Properties Real Estate Investment Trust has completed its due diligence in connection with the Acquisitions and expects to close the Acquisitions in January 2023, subject to customary closing conditions.
Automotive Properties Real Estate Investment Trust (TSX:APR.UN) completed the acquisition 4555 Av. de la Renaissance, Laval on January 3, 2023.
Automotive Properties Real Estate Investment Trust (the REIT) is a Canada-based open-ended real estate investment trust. The REIT is focused on owning and acquiring primarily income-producing automotive dealership properties located in Canada. The REIT's portfolio consists of 77 income-producing commercial properties, representing approximately 2.9 million square feet of gross leasable area, on approximately 249 acres of land in metropolitan markets across British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Quebec. The REIT is a public vehicle, which is focused on consolidating automotive dealership real estate properties. Its properties include Porsche Centre Vancouver, Audi Sales Downtown Vancouver, Calgary BMW, Calgary Honda, Regina Honda, Dilawri Nissan Infiniti, Regina Hyundai, Tesla Edmonton, Go Mazda, Porsche Centre and Jaguar Land Rover Edmonton, McNaught Cadillac Buick GMC, St. James Volkswagen, Tesla KW, Guelph Hyundai, Wellington Motors, and others.