Automotive Properties REIT Announces Acquisition of Two Dealership Properties from AutoCanada and $55 Million Equity Offering

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[{"type":"text","content":"\n\n\n\nAutomotive Properties REIT Announces Acquisition of Two Dealership Properties from AutoCanada and $55 Million Equity Offering\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, Sept. 25, 2018\n\n\n\n− NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES −\n TORONTO, Sept. 25, 2018 /CNW/ - Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (the \"REIT\") announced today that is has entered into an agreement to purchase two automotive dealership properties from AutoCanada Inc. (TSX: ACQ) (\"AutoCanada\") for a total purchase price of approximately $55.5 million (the \"Transaction\"). \n\n \n \n\n \nThe REIT also announced that it has entered into an agreement to sell 5,100,000 units of the REIT (the \"Units\") on a bought deal basis at a price of $10.80 per Unit (the \"Offering Price\") to a syndicate of underwriters bookrun by TD Securities Inc. and Scotiabank and co-led by BMO Capital Markets for gross proceeds of approximately $55.1 million (the \"Offering\"). \nIn addition, the REIT has granted the syndicate of underwriters an over-allotment option, exercisable in whole or in part at any one time up to 30 days following closing of the Offering, to purchase up to an additional 765,000 Units at the Offering Price which, if exercised in full, would increase the gross proceeds of the Offering to approximately $63.3 million. 893353 Alberta Inc. (Dilawri) has waived its pre-emptive right in connection with the Offering.\nThe two dealership properties included in the Transaction are the BMW Laval automotive dealership property (the \"BMW Laval Property\") located in Laval, Québec, part of the Montreal metropolitan area; and the Sherwood Park Volkswagen automotive dealership property (the \"Sherwood Park VW Property\") located in Sherwood Park, Alberta, part of the Edmonton metropolitan area. The additions of the BMW Laval Property and the Sherwood Park VW Property are expected to be moderately accretive to the REIT's run-...

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