Automotive Properties REIT Completes Acquisition of Brimell Toyota Dealership Property in Toronto

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[{"type":"text","content":"\n\n\n\nAutomotive Properties REIT Completes Acquisition of Brimell Toyota Dealership Property in Toronto\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, Nov. 30, 2018\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n TORONTO, Nov. 30, 2018 /CNW/ - Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (\"Automotive Properties REIT\" or the \"REIT\") today announced that it has completed the previously-announced acquisition of the Brimell Toyota automotive dealership property (the \"Property\") in Scarborough, Ontario for a purchase price of approximately $26.0 million. \nConcurrent with the REIT's acquisition of the Property, Drive Autogroup acquired the Brimell Toyota dealership operating business and has now entered into a 15-year, triple-net lease with the REIT. The lease includes contractual rent increases after the third year of the lease term that will be based on the Ontario Consumer Price Index. The lease obligations are indemnified by a group of Drive Autogroup companies.\nThe Property includes a full-service Toyota dealership built in 2002, a collision centre and a car wash, representing a total gross leasable area of 55,600 square feet. It is located on approximately four acres at 5060 Sheppard Avenue East, just west of Markham Road, a busy commercial corridor with other automotive dealerships nearby and with convenient access to Highway 401. The REIT funded the purchase price through its existing revolving credit facilities.\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 43 income-producing commercial properties, representing approximately 1.7 million square feet of gross leasable area, and one development property, in metropolitan markets across Ontario, Saskatchewan, Alberta, British Columbia and Québec...

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