Automotive Properties REIT Completes Acquisition of Regina BMW Dealership Property

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[{"type":"text","content":"\n\n\n\nAutomotive Properties REIT Completes Acquisition of Regina BMW 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. 5, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n-- The REIT also announces completion of facility improvements to its Dixie Auto Mall and Meadowvale Honda dealership properties --\n TORONTO, Feb. 5, 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 BMW automotive dealership property located in Regina, Saskatchewan (\"Regina BMW\"), from the Dilawri Group (\"Dilawri\") for a purchase price of approximately $11.35 million. \nRegina BMW, located at 1001 Broad Street in Regina, Saskatchewan, includes a new 19,619 square-foot newly-built full-service BMW automotive dealership facility, located on 3.04 acres of land. Currently, 1.46 acres of land is being used by the BMW dealership, with an additional 1.58 acres of land available for future development potential.\nThe REIT also announced today that the previously-announced $7.0 million in aggregate capital commitments that the REIT provided to the operating tenants of its 401 Dixie Auto Mall dealership property in Mississauga, Ontario, and its Meadowvale Honda dealership property in Mississauga, Ontario, have been deployed by the operating tenants for dealership facility improvements. As a result of these facility improvements, the respective annual rental rates for these properties has increased accordingly, effective mid-December 2019. \nThe REIT funded the purchase price for the acquisition of Regina BMW and the capital commitments described above with proceeds from its public offering of trust units completed on December 23, 2019 (the \"December 2019 Offering\"). \nRegina BMW is one of two automotive dealership properties that the REIT had previously announced it had agreed in principle to acquire from Dil...

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