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TORONTO, Dec. 12, 2018 /CNW/ - Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (the "REIT") announced today that is has completed the previously-announced acquisition of a portfolio of 11 properties located in Ottawa and Kingston, Ontario from a privately held automotive dealership group, for a combined purchase price of approximately $101.4 million (the "Acquisition").
The portfolio includes six properties that are exclusively occupied by nine automotive dealerships and five properties designated for ancillary dealership services, representing a total gross leasable area of approximately 303,817 square feet located on approximately 29.7 acres. Nine of the properties are located in the Ottawa, Ontario metropolitan area and two properties are located in Kingston, Ontario. The REIT funded the Acquisition purchase price through draws on its credit facilities.
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 54 income-producing commercial properties and one development property, representing approximately 2.0 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.
SOURCE Automotive Properties Real Estate Investment Trust
For further information: Bruce Wigle, Investor Relations, Bay Street Communications, Tel: 647-496-7856; Milton Lamb, President & CEO, Automotive Properties REIT, Tel: 647-789-2445; Andrew Kalra, CFO & Corporate Secretary, Automotive Properties REIT, Tel: 647-789-2446