Completes Acquisition of Land Underlying Tenant Dealership NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
TORONTO, Jan. 21, 2022 /CNW/ - Automotive Properties Real Estate Investment Trust (TSX: APR.UN) ("Automotive Properties REIT" or the "REIT") announced today that it has completed the previously-announced acquisition of approximately 2.15 acres of land underlying the Acura Langley dealership at 20257 Langley Bypass in Langley, British Columbia from a third party for a purchase price of approximately $15.1 million. The REIT will now receive land lease payments, in addition to continued leasehold rent payments, from the operating tenant of the Acura Langley dealership, an affiliate of the Dilawri Group.The REIT funded the purchase price by drawing on its revolving credit facilities.
About Automotive Properties REIT
Automotive Properties REIT is an unincorporated, open-ended real estate investment trust focused on owning and acquiring primarily income-producing automotive dealership properties located in Canada. The REIT's portfolio currently consists of 68 income-producing commercial properties, representing approximately 2.6 million square feet of gross leasable area, in metropolitan markets across British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Qubec. Automotive Properties REIT is the only public vehicle in Canada focused on consolidating automotive dealership real estate properties. For more information, please visit: www.automotivepropertiesreit.ca.