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SERVICES OR DISSEMINATION IN THE UNITED
STATES −
TORONTO, Jan. 4, 2018 /CNW/ - Automotive Properties
Real Estate Investment Trust (TSX: APR.UN) (the "REIT") today
announced that it has entered into an agreement to purchase a
dealership property in Kitchener-Waterloo, Ontario to be redeveloped
for a luxury high-end car company that will occupy the premises.
The REIT expects to invest approximately $7.5 million including the purchase price,
redevelopment costs and related expenses.
The REIT intends to satisfy the purchase price through draws on
its existing credit facilities. The REIT has completed its
diligence in connection with this acquisition and closing is
expected to occur in late February
2018, subject to customary closing conditions.
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