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TORONTO, Jan. 17, 2022 /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 two automotive dealership
properties in Quebec (the
"Properties") from Groupe Olivier Capital for a combined purchase
price of $23.4 million. The
Properties consist of Sherbrooke Honda in Sherbrooke and Magog Honda in Magog. The REIT funded the acquisitions by
drawing on its revolving credit facilities and cash on hand.
Concurrent with the REIT's acquisition of the Properties,
affiliates of Groupe Olivier Capital are now the operating tenants
of the Properties, and they have each entered into 15-year,
triple-net leases with the REIT that include contractual annual
rent increases after the first year of the lease term. The lease
obligations for the Properties are indemnified by Groupe Olivier
Capital.
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 68 income-producing commercial properties,
representing approximately 2.6 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.
Forward-Looking Information
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 "is 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 & Uncertainties, Critical Judgements
& Estimates" in the REIT's MD&A for the year ended
December 31, 2020 and in the REIT's
annual information form dated March 23,
2021, 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