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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.

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

.

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

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http://www.newswire.ca/en/releases/archive/January2023/04/c7410.html