Automotive Properties REIT Completes Acquisition of Acura North Vancouver Dealership Property

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[{"type":"text","content":"\n\n\n\nAutomotive Properties REIT Completes Acquisition of Acura North Vancouver Dealership Property\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, Feb. 6, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n TORONTO, Feb. 6, 2020 /CNW/ - Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (\"Automotive Properties REIT\" or the \"REIT\") announced today that it has completed the previously-announced acquisition of the Acura automotive dealership property located in North Vancouver, British Columbia (\"Acura North Vancouver\") from the Dilawri Group (\"Dilawri\") for a purchase price of approximately $17.5 million.\nAcura North Vancouver, located at 828 Automall Drive, occupies 2.4 acres of land and includes a full-service Acura automotive dealership facility. \nThe REIT funded the purchase price for the acquisition of Acura North Vancouver with proceeds from its public offering of trust units completed on December 23, 2019 (the \"December 2019 Offering\"). \nAcura North Vancouver is one of two automotive dealership properties that the REIT previously announced it had agreed in principle to acquire from Dilawri in conjunction with the December 2019 Offering; the other being the BMW automotive dealership property located in Regina, Saskatchewan (\"Regina BMW\"). The REIT completed the acquisition of the Regina BMW property on February 5, 2020.\nAbout Automotive Properties REIT\nAutomotive Properties REIT is an unincorporated, open-ended real estate investment trust focused on owning and acquiring primarily income-producing automotive dealership properties located in Canada. The REIT's portfolio currently consists of 64 income-producing commercial properties, representing more than 2.3 million square feet of gross leasable area, in metropolitan markets across British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Québec. Automotive Properties REIT is the only public vehicle in Canada focused on consolidating automotive dealershi...

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