Automotive Properties REIT to Acquire Brimell Toyota Dealership Property in Toronto for $26.0 Million

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[{"type":"text","content":"\n\n\n\nAutomotive Properties REIT to Acquire Brimell Toyota Dealership Property in Toronto for $26.0 Million\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, Nov, 29, 2018\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n TORONTO, Nov, 29, 2018 /CNW/ - Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (\"Automotive Properties REIT\" or the \"REIT\") today announced that it has entered into an agreement to purchase the Brimell Toyota automotive dealership property (the \"Property\") in Scarborough Ontario, in the eastern part of Toronto, from a third party for a purchase price of approximately $26.0 million. Concurrent with the REIT's acquisition of the Property, Drive Autogroup will acquire the Brimell Toyota dealership operating business and will become a tenant of the REIT. \n\"We look forward to adding one of the premier Toyota dealership properties in Toronto to our portfolio and welcoming Drive Autogroup as a new tenant,\" said Milton Lamb, President and CEO of Automotive Properties REIT. \nThe Property includes a full-service Toyota dealership built in 2002, a collision centre and a car wash, representing a total gross leasable area of 55,600 square feet. It is located on approximately four acres at 5060 Sheppard Avenue East, just west of Markham Road, a busy commercial corridor with other automotive dealerships nearby and with convenient access to Highway 401.\nUpon closing of the acquisition, Drive Autogroup will be the operating tenant and will enter into a 15-year, triple-net lease with the REIT. The lease includes contractual rent increases after the third year of the lease term that will be based on the Ontario Consumer Price Index. The lease obligations will be indemnified by a group of Drive Autogroup companies.\nThe REIT intends to satisfy the purchase price through its existing revolving credit facilities. The REIT has completed its due diligence in connection with this acquisition and expects to close the transaction on Friday, Novem...

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