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TORONTO, Nov. 25, 2024 /CNW/ – Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (“Automotive Properties REIT” or the “REIT”) announced today the completion of its previously announced acquisition of two heavy construction equipment dealership properties in the Greater Montreal Area (the “Greater Montreal Properties”) for a purchase price of approximately $25.4 million.
The Greater Montreal Properties consist of: i) a 31,000 square-foot John Deere heavy construction equipment dealership facility situated on 6.6 acres of land located at 3855 Boulevard Matte in Brossard, Québec that is tenanted by Brandt Tractor Ltd. pursuant to a mid-term lease with contractual bi-annual fixed rent increases, and ii) a 28,611 square-foot heavy construction equipment dealership facility (Volvo, and other equipment brands) situated on 5.1 acres of land located at 72 Chemin du Tremblay in Boucherville, Québec that is tenanted by Strongco pursuant to a mid-term lease that includes contractual annual fixed rent increases.
The REIT funded the purchase price of the Greater Montreal Properties with cash on hand and 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 income-producing automotive and other OEM dealership and service properties located in Canada. The REIT’s portfolio currently consists of 78 income-producing commercial properties, representing approximately 2.9 million square feet of gross leasable area, in metropolitan markets across British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Québec. Automotive Properties REIT is the only public vehicle in Canada focused on consolidating automotive and OEM dealership and service real estate properties. For more information, please visit: www.automotivepropertiesreit.ca.
SOURCE Automotive Properties Real Estate Investment Trust
