Automotive Properties REIT Enters Joint Venture Agreement with StorageVault Canada to Purchase Automotive Dealership Property in Brossard, Québec

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[{"type":"text","content":"\n \n \n \n Automotive Properties REIT Enters Joint Venture Agreement with StorageVault Canada to Purchase Automotive Dealership Property in Brossard, Québec\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 \n TORONTO\n \n \n ,\n \n \n June 2, 2023\n \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 a 50/50 joint venture (the \"Joint Venture\") with StorageVault Canada Inc. (TSX: SVI) (\"StorageVault\") to acquire an automotive dealership property located at 9425 Taschereau Boulevard in\n \n Brossard, Quebec\n \n (the \"Brossard Property\") from a third-party vendor. StorageVault currently owns a self-storage property that is adjacent to the Brossard Property. The acquisition of the Brossard Property has closed.\n \n \n Under the terms of the Joint Venture, Automotive Properties REIT and StorageVault each funded 50% of the\n \n $16.1 million\n \n purchase price, which included related expenditures.\n \n \n The Brossard Property consists of a 50,415 square-foot, full-service automotive dealership facility situated on approximately 3.4 acres of land and is currently under triple-net leases with Groupe Park Avenue Volvo and Jaguar Land Rover. The leases are subject to annual adjustments linked to the consumer price index in\n \n Quebec\n \n .\n \n \n The Brossard Property will be managed by the REIT for so long as it is used for automotive purposes for customary management fees. The Joint Venture expects to consider the highest value and best use for the Brossard Property over the long term to maximize value, including automotive, self-storage, or other uses.\n \n \n \n About Automotive Properties REIT\n \n \n \n Automotive Properties REIT is an internally managed, unincorporated, open-ended real estate investment trust focused on owning and acquiring primarily inc...

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