Automotive Properties REIT Completes $55 Million Equity Offering

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[{"type":"text","content":"\n\n\n\nAutomotive Properties REIT Completes $55 Million Equity Offering\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, Oct. 16, 2018\n\n\n\n/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/\n TORONTO, Oct. 16, 2018 /CNW/ - Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (\"Automotive Properties REIT\" or the \"REIT\") announced today that it has closed its previously announced bought deal public offering of 5,100,000 units at a price of $10.80 per unit (the \"Offering Price\") to a syndicate of underwriters, including TD Securities Inc. and Scotiabank as joint bookrunners and BMO Capital Markets, collectively as co-lead underwriters, for gross proceeds of approximately $55 million (the \"Offering\"). The REIT granted the syndicate of underwriters an over-allotment option, exercisable in whole or in part at any one time up to 30 days following closing of the Offering, to purchase up to an additional 765,000 units at the Offering Price.\nThe REIT will use the net proceeds from the Offering to repay the debt incurred to fund the purchase price for the recently-completed acquisition of two automotive dealership properties from AutoCanada Inc. and for general trust purposes.\nThe securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.\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 42 income-producing commercial properties, representing approximate...

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