Automotive Properties REIT Announces Agreement to Acquire Two Dealership Properties from the Dilawri Group, $80 Million Equity Offering and Termination of Administration Agreement

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[{"type":"text","content":"\n\n\n\nAutomotive Properties REIT Announces Agreement to Acquire Two Dealership Properties from the Dilawri Group, $80 Million Equity Offering and Termination of Administration Agreement\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. 3, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n TORONTO, Dec. 3, 2019 /CNW/ - Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (the \"REIT\") announced today that it has agreed to purchase two automotive dealership properties from the Dilawri Group for a total purchase price of approximately $28.9 million (the \"Dilawri Acquisitions\"). \nThe REIT also announced that it has entered into an agreement to sell 6,870,000 units of the REIT (the \"Units\") on a bought deal basis at a price of $11.65 per Unit (the \"Offering Price\") to a syndicate of underwriters bookrun by TD Securities Inc., BMO Capital Markets and Scotiabank for gross proceeds of approximately $80.0 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 1,030,500 Units at the Offering Price (the \"Over-Allotment Option\") which, if exercised in full, would increase the gross proceeds of the Offering to approximately $92.0 million.\nIn connection with the Offering, 893353 Alberta Inc. (\"Dilawri\") has exercised its pre-emptive right and will purchase 1,800,000 Units in the Offering at the Offering Price, subject to Toronto Stock Exchange approval. Following the completion of the Offering, Dilawri's effective ownership interest in the REIT will be approximately 26.1% on a fully diluted basis (approximately 25.5% if the Over-Allotment Option is exercised in full).\nFurthermore, the REIT announced today that the REIT's independent trustees have notified Dilawri of the REIT's intention to terminate the existing Administration Agreement between ...

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