Automotive Properties REIT Announces Agreement to Acquire a Portfolio of Three Dealership Properties from AutoCanada Inc., a Non-binding Letter of Intent with the Dilawri Group to Acquire the Audi Queensway Dealership Property in Toronto, ON and a $73.2 Million Equity Offering

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[{"type":"text","content":"\n\n\n\nAutomotive Properties REIT Announces Agreement to Acquire a Portfolio of Three Dealership Properties from AutoCanada Inc., a Non-binding Letter of Intent with the Dilawri Group to Acquire the Audi Queensway Dealership Property in Toronto, ON and a $73.2 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, June 12, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n TORONTO, June 12, 2019 /CNW/ - Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (the \"REIT\") announced today that it has entered into an agreement to purchase a portfolio of three automotive dealership properties from AutoCanada Inc. (TSX: ACQ) (\"AutoCanada\") for a total purchase price of approximately $30.4 million, excluding closing costs (the \"AutoCanada Acquisition\"). In addition, the REIT has entered into a non-binding letter of intent with the Dilawri Group to acquire the Audi Queensway automotive dealership property for $36.5 million (\"Audi Queensway\" and, together with the AutoCanada Acquisition, the \"Transactions\"). The Transactions are expected to be accretive to the REIT's run-rate Adjusted Funds from Operations (\"AFFO\")¹ per unit on a leverage-neutral basis. Including the Transactions, the REIT has announced $90.9 million in acquisitions in 2019 year-to-date.\n\n \n \n\n \nThe REIT also announced that it has entered into an agreement to sell 7,000,000 units of the REIT (the \"Units\") on a bought deal basis at a price of $10.45 per Unit (the \"Offering Price\") to a syndicate of underwriters bookrun by TD Securities Inc. and BMO Capital Markets (the \"Bookrunners\") for gross proceeds of approximately $73.2 million (the \"Offering\").\nIn addition, the REIT has granted the syndicate of underwriters an over-allotment option (the \"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 1,050,000 Units (the \"Over-Allotment Units\") at...

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