- Automotive Properties Real Estate Investment Trust (APR.UN) signed agreements to buy six dealership properties in Quebec for approximately $98.5 million
- The properties cover a total leasable area of 187,421 square feet on roughly 21.70 acres of land
- The company will fund the purchase price of the acquisitions by increasing one of its credit facilities, drawing on its revolving credit facilities, and cash on hand
- The operating tenants will also sign long-term, triple-net leases, which will include a rent increase of no less than 1.50 per cent one year after the lease term
- Automotive Properties Real Estate Investment Trust (APR.UN) is up 2.46 per cent and is trading at $11.64 per share as of 11:20 a.m. EST
Automotive Properties Real Estate Investment Trust (APR.UN) has agreed to purchase six automotive dealership properties in Quebec.
The dealership properties are being acquired from separate third parties for approximately $98.5 million.
The properties cover a total leasable area of 187,421 square feet on roughly 21.70 acres of land. Four of the properties are in Laval, and St. Eustache in the Greater Montreal Area, and two are in Sorel-Tracy.
Automotive Properties will fund the purchase price of the acquisitions by increasing one of its credit facilities, drawing on its revolving credit facilities, and using cash on hand. The company also amended an agreement to increase the amount available under the non-revolving component of one of its credit facilities by $70 million.
After the acquisitions close in January, the operating tenants will sign long-term, triple-net leases, which will include a rent increase of no less than 1.50 per cent one year after the lease term. The leases will have an average term of approximately 16 years.
Automotive Properties is an unincorporated real estate investment trust that owns and acquires automotive dealership properties located in Canada. Its asset portfolio currently has 70 income-producing commercial properties in metropolitan markets across British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Québec.
Automotive Properties Real Estate Investment Trust (APR.UN) is up 2.46 per cent and is trading at $11.64 per share as of 11:20 a.m. EST.
