Automotive Properties REIT Completes Audi Queensway Property Acquisition

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[{"type":"text","content":"\n\n\n\nAutomotive Properties REIT Completes Audi Queensway Property Acquisition\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, Sept. 19, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n TORONTO, Sept. 19, 2019 /CNW/ - Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (the \"REIT\") announced today that it has completed the previously-announced $36.5 million acquisition of the newly constructed Audi Queensway dealership property in Toronto from the Dilawri Group (\"Dilawri\"). Under terms of the acquisition agreement, the REIT paid Dilawri $31.5 million of the total purchase price on closing and will receive monthly lease payments from Dilawri reflecting this purchase price deferral. The remaining $5.0 million of the purchase price is anticipated to be paid by the end of the fourth quarter of 2019, upon completion by Dilawri of certain post-closing obligations. At that time, the REIT will start receiving full monthly lease payments from Dilawri pursuant to the 18-year triple-net lease entered into today, which includes contractual 1.5% annual rent increases after the first year of the term.   \nAudi Queensway is a 65,547 square foot newly constructed automotive dealership located on 2.5 acres of land along an attractive commercial corridor in Toronto, adjacent to the intersection of Highway 427 and the Gardiner Expressway, two of Toronto's busiest freeways. \nThe REIT funded the initial $31.5 million payment with proceeds from its June 2019 equity offering and draws from existing credit facilities. The deferred $5.0 million payment will be funded from draws on the REIT's existing credit facilities.   \nAbout Automotive Properties REITAutomotive 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 61 income-producing commercial properties, represent...

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