Automotive Properties REIT Completes Acquisition of Automotive Property in Laval

About this update from Automotive Properties Real Estate Investment Trust

[{"type":"text","content":"\n\n\n\nAutomotive Properties REIT Completes Acquisition of Automotive Property in Laval\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, Aug. 25, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n TORONTO, Aug. 25, 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 an automotive property (the \"Property\") located at 3755 Autoroute des Laurentides (A-15) in Laval, Quebec. The Property will be occupied by a luxury, high-end car company that has entered into a long-term lease with the REIT. The purchase price for the Property, certain capital improvements and related expenses are expected to total approximately $13.5 million (excluding closing costs), which the REIT will fund through its existing credit facilities. The REIT expects the lease to commence during the fourth quarter of 2020. The acquisition is expected to be accretive to the REIT's run-rate Adjusted Funds from Operations (\"AFFO\")¹ per unit on a leverage-neutral basis. \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 and one development property, representing approximately 2.5 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 dealership real estate properties. For more information, please visit: www.automotivepropertiesreit.ca.\n(1) Non-IFRS Financial Measure\nThis news release contains a financial measure which is not defined under IFRS and may not be comparable to similar...

More updates from Automotive Properties Real Estate Investment Trust