/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./
TORONTO, Aug. 14, 2015 /CNW/ - Automotive Properties Real Estate Investment Trust (the "REIT") (TSX: APR.UN) announced today that pursuant to the underwriting agreement dated July 10, 2015 among the REIT and a syndicate of underwriters co-led by TD Securities Inc. and Canaccord Genuity Corp., the underwriters have exercised their option to purchase 620,000 additional trust units of the REIT at a price of $10.00 per trust unit for aggregate consideration of $6,200,000. The closing of the over-allotment option is expected to occur on August 18, 2015.
The closing of the over-allotment option will increase the total gross proceeds of the initial public offering to $81.2 million. The net proceeds of the over-allotment option will be used by the REIT for the repayment of debt and to provide additional working capital for the REIT.
No securities regulatory authority has either approved or disapproved of the contents of this new release. The Units have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or the securities laws of any state of the United States and may not be offered, sold or delivered, directly or indirectly, in the United States except pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the Units in the United States.
About Automotive Properties Real Estate Investment Trust
Automotive Properties Real Estate Investment Trust 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 of 26 income-producing commercial properties represents approximately 958,000 square feet of gross leasable area in Ontario, Saskatchewan, Alberta and British Columbia.
Forward –Looking Statements
This press 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 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 "Risk Factors" in the prospectus of the REIT dated July 10, 2015. 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.
SOURCE Automotive Properties Real Estate Investment Trust
For further information: Milton Lamb, President and Chief Executive Officer, Automotive Properties Real Estate Investment Trust, Tel: (647) 789-2445; Andrew Kalra, Chief Financial Officer, Automotive Properties Real Estate Investment Trust, Tel: (647) 789-2446