Automotive Properties REIT Completes $84 Million Equity Offering

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[{"type":"text","content":"\n\n\n\nAutomotive Properties REIT Completes $84 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, June 28, 2019\n\n\n\n/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/\n TORONTO, June 28, 2019 /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 8,000,000 units at a price of $10.45 per unit to a syndicate of underwriters, bookrun by TD Securities Inc. and BMO Capital Markets, for gross proceeds of approximately $84 million (the \"Offering\"). The Offering included 1,000,000 units issued as a result of the partial exercise of the underwriters' over-allotment option.\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 three automotive dealership properties from AutoCanada Inc., to fund the purchase price for the proposed acquisition of the Audi Queensway automotive dealership property from the Dilawri Group and for general trust purposes, including the repayment of indebtedness.\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 60 income-producing commercial properties, representing more than two mil...

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