Automotive Properties REIT Announces Agreement to Sell One of its Dealership Properties in Markham, Ontario for $54 Million

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[{"type":"text","content":"\n\n\n\n Automotive Properties REIT Announces Agreement to Sell One of its Dealership Properties in Markham, Ontario for $54 Million\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.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n\n\n\n\n\n Canada NewsWire\n \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\n\n − Initial sale price represents a 79% premium to IFRS value −\n \n\n\n\n\n − Transaction increases Net Asset Value and drives AFFO per Unit accretion through deleveraging −\n \n\n\n\n\n\n TORONTO\n \n\n ,\n \n\n July 29, 2024\n \n\n /CNW/ - Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (\"Automotive Properties REIT\" or the \"REIT\") announced today that it has entered into an agreement (the \"Transaction\") to sell its automotive dealership property located at 8210 and 8220 Kennedy Road and 7 and 13/15 Main Street, in\n \n Markham, Ontario\n \n (collectively, the \"Kennedy Lands\") for\n \n $54 million\n \n .\n \n\n\n Highlights of the Transaction\n \n\n\n\n Initial sale price of\n \n $54 million\n \n represents a 79% premium above the IFRS value of the Kennedy Lands as at\n \n March 31, 2024\n \n .\n \n\n The Kennedy Lands are being sold to a member of the Dilawri Group (the \"Purchaser\"). The Purchaser is an affiliate of Dilawri, the REIT's largest unitholder.\n \n\n The Kennedy Lands are leased to an affiliate of Dilawri under a long-term lease, with the initial sale price representing an approximate 3.36% capitalization rate.\n \n\n The net proceeds of the Transaction are expected to be used primarily to initially repay the REIT's revolving credit facilities. Assuming the Transaction closes on\n \n October 1, 2024\n \n , the REIT'...

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