Automotive Properties REIT Completes $92 Million Equity Offering

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[{"type":"text","content":"\n\n\n\nAutomotive Properties REIT Completes $92 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, Dec. 23, 2019\n\n\n\n/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/\n TORONTO, Dec. 23, 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 7,900,500 units at a price of $11.65 per unit to a syndicate of underwriters bookrun by TD Securities Inc., BMO Capital Markets and Scotiabank for gross proceeds of approximately $92 million (the \"Offering\"). The Offering included 1,030,500 units issued as a result of the exercise in full of the underwriters' over-allotment option.\nThe REIT will use the net proceeds from the Offering to (i) to fund the purchase price and related closing costs in respect of the proposed acquisitions of the Regina BMW and Acura North Vancouver automotive dealership properties from the Dilawri Group, (ii) repay the debt incurred to fund the purchase price for the recently-completed acquisition of the Straightline Kia automotive dealership property from an affiliate of the JV Driver Group and (iii) for general trust purposes, including the repayment of indebtedness and funding of certain committed capital investments.\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 a...

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