Business
AutoCanada Announces Sale-Leaseback Transaction for Two Properties with Automotive properties REIT
AutoCanada Announces Sale-Leaseback Transaction for Two Properties with Automotive propert...
About this update from Autocanada Inc.
[{"type":"text","content":"\n\n\n\nAutoCanada Announces Sale-Leaseback Transaction for Two 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, March 26, 2019\n\n\n\nEDMONTON, March 26, 2019 /CNW/ - AutoCanada Inc. (\"AutoCanada\" or the \"Company\") (TSX: ACQ), a multi-location North American automobile dealership group, announced today that it has entered into agreements to sell two parcels of real estate to Automotive Properties Real Estate Investment Trust (the \"REIT\") for a total purchase price of $23.95 million.\n\n \n \n\n \nUpon closing of the transaction, two AutoCanada dealerships will enter into 19-year, triple-net leases with the REIT. The REIT has also agreed to fund future capital development expenses on the two properties in the total amount of $6.5 million. The transaction is subject to customary closing conditions and is expected to close at the end of this month.  \nAbout AutoCanada\nAutoCanada, a leading North American multi-location automobile dealership group currently operating 67 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, Infiniti, Nissan, Hyundai, Subaru, Mitsubishi, 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 caution...