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TORONTO, Dec. 19, 2017 /CNW/ - Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (the "REIT") today announced that it has replaced its existing $14.6 million revolving credit facility ("Facility 3"), maturing in October 2019, with a new $34.0 million credit facility (the "New Facility") that matures in December 2022.
The New Facility, with a Canadian Schedule I chartered bank, consists of a $20.0 million non-revolving loan and a $14.0 million revolving credit facility, each bearing interest at the Bankers' Acceptance rate plus 150 basis points or the Canadian prime rate plus 50 basis points, similar to the former Facility 3.
"The new credit facility enhances our financial flexibility and overall acquisition capacity," said Milton Lamb, President and CEO of Automotive Properties REIT.
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.
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
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, 647-789-2446