Automotive Properties REIT Completes $101.4 Million Ottawa and Kingston Property Portfolio Acquisition
Automotive Properties REIT Completes $101.4 Million Ottawa and Kingston Property Portfolio Acquisition |
[12-December-2018] |
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/ TORONTO, Dec. 12, 2018 /CNW/ - Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (the "REIT") announced today that is has completed the previously-announced acquisition of a portfolio of 11 properties located in Ottawa and Kingston, Ontario from a privately held automotive dealership group, for a combined purchase price of approximately $101.4 million (the "Acquisition"). The portfolio includes six properties that are exclusively occupied by nine automotive dealerships and five properties designated for ancillary dealership services, representing a total gross leasable area of approximately 303,817 square feet located on approximately 29.7 acres. Nine of the properties are located in the Ottawa, Ontario metropolitan area and two properties are located in Kingston, Ontario. The REIT funded the Acquisition purchase price through draws on its credit facilities. About Automotive Properties REIT SOURCE Automotive Properties Real Estate Investment Trust | ||
Company Codes: Toronto:APR.UN |
© 2018 PR Newswire. All Rights Reserved.