− NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES −
TORONTO, Jan. 4, 2023
/CNW/ - Automotive Properties Real Estate Investment Trust
(TSX: APR.UN) ("Automotive Properties REIT" or the "REIT")
announced today that it has completed the previously-announced
acquisitions of six automotive dealership properties in
Quebec (the "Properties") from
separate third parties for an aggregate purchase price of
approximately $98.5 million. The REIT
funded the acquisitions by drawing on its non-revolving and
revolving credit facilities, and cash on hand.
The Properties comprise a total of 187,421 square feet of gross
leasable area located on approximately 21.7 acres of land. Four of
the Properties are in Laval and
St. Eustache in the Greater Montreal Area, and two are in
Sorel-Tracy, northeast of
Montreal. The REIT purchased the
two properties in Sorel-Tracy from
Groupe Olivier Capital, while the remaining four properties were
purchased from various third parties.
Concurrent with the REIT's acquisitions of the Properties,
affiliates of Groupe Olivier Capital are now the operating tenants
of the Properties, and they have each entered into long-term,
triple-net leases with the REIT that include contractual annual
rent increases after year one of the lease term. The leases are
indemnified by Group Olivier Capital and have a weighted average
term of approximately 16 years.
The Properties
Brand
|
Address
|
GLA of dealership
(sq. ft.)
|
Acreage
|
Chomedey
Toyota
|
2385 Chomedey
Blvd., Laval
|
44,265
|
3.8
|
Hamel Honda
|
332 Rue
Dubois., St-Eustache
|
61,186
|
5.9
|
Honda
Ste-Rose
|
4555 Av. de la
Renaissance, Laval
|
24,782
|
2.5
|
Hyundai
Sorel
|
1864 Boul.
Fiset., Sorel-Tracy
|
16,820
|
4.1
|
Kia Sorel
|
1918 Boul.
Fiset., Sorel-Tracy
|
14,276
|
1.5
|
Mazda de
Laval
|
2200 Chomedey
Blvd., Laval
|
26,092
|
3.9
|
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 76 income-producing commercial properties,
representing approximately 2.8 million square feet of gross
leasable area, in metropolitan markets across British Columbia, Alberta, Saskatchewan, Manitoba, Ontario 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 "expects".
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 & Uncertainties, Critical Judgements
& Estimates" in the REIT's most recent Management Discussion
& Analysis and in the REIT's annual information form dated
March 22, 2022, 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