Automotive Properties REIT Completes $18 Million Acquisition of Country Hills Volkswagen Dealership Property in Calgary

About this update from Automotive Properties Real Estate Investment Trust

[{"type":"text","content":"\n\n\n\nAutomotive Properties REIT Completes $18 Million Acquisition of Country Hills Volkswagen Dealership Property in Calgary\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, June 19, 2018\n\n\n\n/− NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES −/\n\n\n\nTORONTO, June 19, 2018 /CNW/ - Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (the \"REIT\") today announced that it has closed the previously-announced acquisition of the Country Hills Volkswagen dealership property (the \"Property\") in Calgary, Alberta. The Property includes a newly-built 34,646 square-foot, full-service Volkswagen dealership facility located on approximately 4.7 acres at 11380 Stonehill Drive NE, a busy commercial corridor just north of the Calgary International Airport. \n\nThe REIT funded a portion of the $18 million purchase price for the Property through the issuance of 480,552 trust units of the REIT, valued at approximately $5.0 million. The remaining $13 million of the purchase price was funded through draws on the REIT's credit facilities and cash on hand. \n\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 40 income-producing commercial properties, representing approximately 1.5 million square feet of gross leasable area, and one development property in metropolitan markets across Ontario, Saskatchewan, Alberta, British Columbia 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\nForward-Looking InformationThis news release contains forward-looking information within the meaning of applicable securities legislation, which reflects the REIT's current expectations regar...

More updates from Automotive Properties Real Estate Investment Trust