Automotive Properties REIT Acquires Lexus Laval Dealership Property in Greater Montreal Area

About this update from Automotive Properties Real Estate Investment Trust

[{"type":"text","content":"\n \n \n \n Automotive Properties REIT Acquires Lexus Laval Dealership Property in Greater Montreal Area\n \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 Canada NewsWire\n \n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n TORONTO\n \n ,\n \n March 1, 2021\n \n /CNW/ - Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (\"Automotive Properties REIT\" or the \"REIT\") announced today that it has acquired the Lexus Laval dealership property in\n \n Laval, Quebec\n \n (the \"Property\") from the Dilawri Group (\"Dilawri\") for a purchase price of approximately\n \n $14.8 million\n \n . The addition of the Property is expected to be accretive to the REIT's Adjusted Funds from Operations (\"AFFO\")¹ per unit on a leverage-neutral basis.\n \n \n The Property consists of a 30,000 square-foot, full-service Lexus dealership facility, built in 2006 with expansions in 2009 and 2013, that is situated on three acres of land at 2000 Boulevard Chomedey. The Property is located in an area of substantial commercial development and in close proximity to the Trans-Canada Highway and the Island of\n \n Montreal\n \n . The operating tenant of the Property has entered into a 17-year, triple-net lease with the REIT that includes a contractual 1.5% annual rent increase and is indemnified by a Dilawri company.\n \n \n The REIT satisfied the purchase price by issuing 1,369,102 trust units of the REIT (\"Units\") to Dilawri, increasing Dilawri's effective interest in the REIT to approximately 28.1%. The REIT's independent trustees unanimously approved the acquisition and issuance of the Units. The REIT completed due diligence in connection with the acquisition, which included receipt of an arm's length appraisal supporting, among other things, the purchase price.\n \n \n \"This transaction is consistent with our long-term focus on generating growth through the acquisition of high-quality dealership properties in major Canadian markets, and our near-term f...

More updates from Automotive Properties Real Estate Investment Trust