Automotive Properties REIT Agrees to Acquire Mazda Dealership Property in Montreal for $8.0 million

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[{"type":"text","content":"\n\n\n\nAutomotive Properties REIT Agrees to Acquire Mazda Dealership Property in Montreal for $8.0 million\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, Dec. 11, 2017\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n\n\n\nTORONTO, Dec. 11, 2017 /CNW/ - Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (the \"REIT\") today announced that it has entered into an agreement to purchase the Mazda des Sources automotive dealership property in suburban Montreal, Quebec (the \"Property\") for a purchase price of approximately $8.0 million. The addition of the Property is expected to be accretive to the REIT's Adjusted Funds from Operations (\"AFFO\") on a per unit basis. \n\nThe Property includes a newly-built 16,700 square-foot, full-service Mazda dealership facility located on approximately 1.7 acres at 2345 Place Transcanadienne (Trans-Canada Highway), a busy commercial area of Dorval, Quebec. Upon closing of the acquisition, Mazda des Sources, owned by the Dilawri Group, will be the operating tenant and will enter into a 19-year, triple-net lease with the REIT. The lease is indemnified by the Dilawri Group.   \n\n\"The addition of this newly constructed facility will further enhance the REIT's portfolio,\" said Milton Lamb, President and CEO of Automotive Properties REIT. \"We continue to execute on opportunities to strengthen the REIT's major market and brand diversification. This represents our fourth property acquisition in the greater Montreal area, further expanding our presence in Canada's second largest urban market.\" \n\nThe REIT intends to satisfy the purchase price through draws on its existing credit facilities. The REIT has completed its diligence in connection with this acquisition and closing is expected to occur prior to 2017 year-end, subject to customary closing conditions.  \n\nAbout Automotive Properties REIT Automotive Properties REIT is an unincorporated, open-ended real estate investment trust focused on owning and...

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