TSX:APR.UN - Post Discussion
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TimeBuilder on Aug 25, 2020 6:10pm
Deal Done Today's PR = copy
Automotive Properties REIT Completes Acquisition of Automotive Property in Laval
CNW Group - CND - Tue Aug 25, 7:22AM CDT
Automotive Properties Real Estate Investment Trust (TSX:APR-UN.TO) ("Automotive Properties REIT" or the "REIT") announced today that it has completed the previously-announced acquisition of an automotive property (the "Property") located at 3755 Autoroute des Laurentides (A-15) in Laval, Quebec. The Property will be occupied by a luxury, high-end car company that has entered into a long-term lease with the REIT. The purchase price for the Property, certain capital improvements and related expenses are expected to total approximately $13.5 million (excluding closing costs), which the REIT will fund through its existing credit facilities. The REIT expects the lease to commence during the fourth quarter of 2020. The acquisition is expected to be accretive to the REIT's run-rate Adjusted Funds from Operations ("AFFO")¹ per unit on a leverage-neutral basis.
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