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Automotive Properties REIT Announces Agreements to Acquire Two Dealership Properties in Winnipeg from AutoCanada
Automotive Properties REIT Announces Agreements to Acquire Two Dealership Properties in Wi...
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[{"type":"text","content":"\n\n\n\nAutomotive Properties REIT Announces Agreements to Acquire Two Dealership Properties in Winnipeg from AutoCanada\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, March 26, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./\n TORONTO, March 26, 2019 /CNW/ - Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (the \"REIT\") announced today that it has entered into agreements to purchase two automotive dealership properties in Winnipeg, Manitoba from AutoCanada Inc. (TSX: ACQ) (\"AutoCanada\") for a total purchase price of approximately $23.95 million (the \"Transaction\"), excluding closing costs.\nThe two dealership properties included in the Transaction are the McNaught Cadillac Buick GMC automotive dealership property (the \"McNaught GM Property\") and the St. James Volkswagen automotive dealership property (the \"St. James VW Property\"). The additions of the McNaught GM Property and the St. James VW Property are expected to be accretive to the REIT's run-rate Adjusted Funds from Operations (\"AFFO\")¹ per unit on a leverage-neutral basis.\n\"We are pleased to enter our second property acquisition transaction with AutoCanada, one of Canada's largest automotive retailers. We look forward to expanding our portfolio into the metropolitan Winnipeg market with these high-quality assets and further diversifying our tenant base,\" said Milton Lamb, President and CEO of the REIT.\nThe McNaught GM Property includes a 56,641 square foot full-service General Motors dealership facility that was built in 2003, with extensive renovations completed in 2015. The McNaught GM Property occupies approximately 5.6 acres of land within the Waverley Automall in southwestern Winnipeg, with convenient access to major highways in an area of substantial commercial development. Upon closing of the Transaction, an affiliate of AutoCanada will be the operating tenant of the McNaught GM Property and will enter into a 19-year, triple-net lease with the REIT. The leas...