Business
AutoCanada Announces Sale-Leaseback of Four Properties with Capital Automotive
AutoCanada Announces Sale-Leaseback of Four Properties with Capital Automotive Can...
About this update from Autocanada Inc.
[{"type":"text","content":"\n\n\n\nAutoCanada Announces Sale-Leaseback of Four Properties with Capital Automotive\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, Dec. 21, 2018\n\n\n\nEDMONTON, Dec. 21, 2018 /CNW/ - AutoCanada Inc. (\"AutoCanada\" or the \"Company\") (TSX:ACQ) announced that it has completed a sale-leaseback transaction for four of its dealership properties with Capital Automotive Real Estate Services Inc.  AutoCanada will lease the properties from Capital Automotive under long-term triple net leases.\n\n \n \n\n \nThe transaction provides for proceeds of approximately $50 million which will be used to repay the Company's credit facility.  In addition, Capital Automotive has agreed to fund approximately $44 million for capital requirements in respect of the properties, including the reconstruction of three existing dealerships and the construction of the Maple Ridge Chevrolet Buick GMC open point.\nAbout AutoCanada\nAutoCanada is a leading North American multi-location automobile dealership group currently operating 68 franchised dealerships, comprised of 28 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, Mitsubishi, Audi, Volkswagen, Kia, Mazda, Mercedes-Benz, Smart, BMW, MINI, Volvo, Toyota, Lincoln and Honda branded vehicles. In 2017, our dealerships sold approximately 63,000 vehicles and processed approximately 870,000 service and collision repair orders in our 999 service bays generating revenue in excess of $3 billion.\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 could cause our actual results to differ materially from those projected in these forward looking statements....