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AutoCanada Announces Completion of Sale-Leaseback Transaction For Three Properties With Automotive Properties REIT
AutoCanada Announces Completion of Sale-Leaseback Transaction For Three Properties With Au...
About this update from Autocanada Inc.
[{"type":"text","content":"\n\n\n\nAutoCanada Announces Completion of Sale-Leaseback Transaction For Three Properties With Automotive Properties REIT\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nEDMONTON, June 25, 2019\n\n\n\nEDMONTON, June 25, 2019 /CNW/ - AutoCanada Inc. (\"AutoCanada\" or the \"Company\") (TSX: ACQ), a multi-location North American automobile dealership group, announced today that it has completed the previously announced sale of three parcels of real estate to Automotive Properties Real Estate Investment Trust (the \"REIT\") for a total purchase price of approximately $30.4 million. The Company will use the proceeds from the sale to pay down its credit facility. \n\n \n \n\n \nThree AutoCanada dealerships entered into 19-year, triple-net leases with the REIT. The REIT has also agreed to fund future capital development expenses on one of the properties up to $2.5 million.\nAbout AutoCanada\nAutoCanada, a leading North American multi-location automobile dealership group currently operating 65 franchised dealerships, comprised of 27 brands, in eight provinces in Canada as well as a group in Illinois, USA and has over 4,200 employees. AutoCanada currently sells Chrysler, Dodge, Jeep, Ram, FIAT, Alfa Romeo, Chevrolet, GMC, Buick, Cadillac, Ford, Infiniti, Nissan, Hyundai, Subaru, Audi, Volkswagen, Kia, Mazda, Mercedes-Benz, Smart, BMW, MINI, Volvo, Toyota, Lincoln and Honda branded vehicles. In 2018, our dealerships sold approximately 66,000 vehicles and processed approximately 915,000 service and collision repair orders in our 1,157 service bays generating revenue in excess of C$3 billion.\nAdditional information about AutoCanada Inc. is available at www.sedar.com and the Company's website at www.autocan.ca.\nForward Looking Statements\nCertain statements contained in this press release are forward‑looking statements and information (collectively \"forward‑looking statements\"), within the meaning of the applicable Canadian securities legislation. We hereby provide cautionary statements identifying important factors that coul...