Automotive Properties REIT Enters Agreements to Acquire Two Honda Dealership Properties in Quebec and 2.15 Acres of Land Underlying an Existing Tenant Dealership in Langley, B.C. for a Combined Purchase Price of $38.5 Million

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[{"type":"text","content":"\n \n \n \n Automotive Properties REIT Enters Agreements to Acquire Two Honda Dealership Properties in Quebec and 2.15 Acres of Land Underlying an Existing Tenant Dealership in Langley, B.C. for a Combined Purchase Price of $38.5 Million\n \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 Canada NewsWire\n \n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n TORONTO\n \n ,\n \n Dec. 30, 2021\n \n /CNW/ - Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (\"Automotive Properties REIT\" or the \"REIT\") announced today that it has entered into agreements with a dealership group to purchase two automotive dealership properties in\n \n Quebec\n \n (the \"Properties\") for a combined purchase price of\n \n $23.4 million\n \n . The Properties consist of Sherbrooke Honda, located at 2555 / 2615 King Street West in\n \n Sherbrooke\n \n and Magog Honda, located at 2390 / 2400 Sherbrooke Street in\n \n Magog\n \n . The addition of the Properties is expected to be immediately accretive to the REIT's Adjusted Funds from Operations (\"AFFO\")¹ per unit on a leverage-neutral basis.\n \n \n The Sherbrooke Honda property consists of a 26,990 square-foot, full-service Honda dealership facility, renovated in 2014, that is situated on 1.7 acres of land along a commercial corridor on\n \n King Street West\n \n (Route 112). The\n \n Sherbrooke\n \n Metropolitan Area has a population of approximately 212,000, representing the fourth largest metropolitan area in\n \n Quebec\n \n . On closing, the operating tenant of Sherbrooke Honda will enter into a 15-year, triple-net lease with the REIT that includes a contractual annual rent increase based on the Quebec Consumer Price Index, and no less than 1.5%, after year one of the lease term.\n \n \n The Magog Honda property consists of two buildings totaling 56,195 square-feet, including a full-service Honda dealership facility built in 2006 with expansions completed in 2009 and 2011, and a used car and service facil...

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