Dilawri Announces Acquisition of Trust Units of Automotive Properties Real Estate Investment Trust
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TORONTO, March 3, 2021 /CNW/ - 893353 Alberta Inc. ("Dilawri") announced today that it has acquired (the "Acquisition"), through its subsidiary 9458743 Canada Limited, 1,369,102 trust units ("Units") of Automotive Properties Real Estate Investment Trust (the "REIT"). The acquisition of the Units brings Dilawri's total holdings of such securities to 3,827,614 Units (or approximately 9.8% of all outstanding Units). The Units were acquired in exchange for the sale of a dealership property in Laval to the REIT, at a price of $10.81 per Unit, for an aggregate purchase price of $14,799,992.62. The Acquisition closed on March 1, 2021. Through its ownership of the Units and Class B LP Units, following completion of the Acquisition, Dilawri holds an approximate 28.1% effective interest in the REIT on a fully-diluted basis.
Before giving effect to the Acquisition, Dilawri beneficially owned, and exercised control or direction over, 2,458,512 Units, representing approximately 6.5% of the REIT's issued and outstanding Units, and 9,933,253 class B limited partnership units ("Class B LP Units") of Automotive Properties Limited Partnership (the "Partnership"), the operating subsidiary of the REIT, representing 100% of the issued and outstanding Class B LP Units, together with 9,933,253 special voting units ("Special Voting Units") of the REIT, representing 100% of the issued and outstanding Special Voting Units. The Class B LP Units are economically equivalent to and exchangeable on a one-for-one basis for Units (subject to customary anti-dilution protections). Through its ownership of the Units and Class B LP Units, prior to giving effect the Acquisition, Dilawri held an approximate 26.0% effective interest in the REIT on a fully-diluted basis. As a result of the Acquisition, Dilawri now beneficially owns, and exercises control or direction over, 3,827,614 Units, representing approximately 9.8% of the REIT's issued and outstanding Units, and 9,933,253 Class B LP Units, representing 100% of the issued and outstanding Class B LP Units.
The Units were acquired for investment purposes. Dilawri and its affiliates may determine to purchase additional Units in the open market or otherwise or sell all or some of the Units, depending upon price, market conditions, availability of funds, evaluation of alternative investments and other factors.
An early warning report in respect of the Acquisition will be filed in accordance with applicable securities laws and will be available on SEDAR at www.sedar.com or may be obtained directly from James Matthews, Executive Vice President of Dilawri upon request at the telephone number below.
About Dilawri Group of Companies
Dilawri Group of Companies is Canada's largest automotive group with 76 franchised dealerships representing 35 automotive brands throughout Quebec, Ontario, Saskatchewan, Alberta, and British Columbia. Privately owned and operated by the Dilawri family since 1985, the company continues to expand its footprint in Canada, building on its history of excellence in the automotive industry.
SOURCE Dilawri Group of Companies
James Matthews, Executive Vice President, Dilawri Group of Companies, Tel: (905) 762-7300, 87 Front Street East, Suite 300, Toronto, Ontario, M5E 1B8
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