Mr. Milton Lamb reports

AUTOMOTIVE PROPERTIES REIT COMPLETES ACQUISITION OF SIX AUTOMOTIVE PROPERTIES IN ILE-PERROT, QUEBEC FOR A PURCHASE PRICE OF $70.5 MILLION

Automotive Properties Real Estate Investment Trust has completed its previously announced acquisition of a portfolio of five automotive dealership properties and one collision centre property located in Ile-Perrot, Que., a suburb of Montreal, from a third party for a purchase price of approximately $70.5-million.

The Ile-Perrot properties (GM Ile-Perrot, Ile-Perrot Toyota, Mazda 2-20, Hyundai Ile-Perrot, Ford Ile-Perrot and a body shop) comprise an aggregate of approximately 178,000 square feet of gross leasable area situated on approximately 28 acres of land. The Ile-Perrot properties are tenanted by affiliates of Groupe AutoForce Inc., a private entity that owns and operates several automotive dealerships in the greater Montreal area. The respective operators of each of the Ile-Perrot properties are under long-term net leases with the REIT that are subject to annual adjustments linked to the consumer price index in Quebec.

The REIT financed the purchase price of the Ile-Perrot properties through the issuance of $10-million of Class B limited partnership units by Automotive Properties Limited Partnership, the REIT's operating subsidiary, at a price per Class B LP unit equal to $12, with the balance financed by the REIT's credit facilities.

About Automotive Properties Real Estate Investment Trust

Automotive Properties is an unincorporated, open-ended real estate investment trust focused on owning and acquiring income-producing automotive and other OEM (original equipment manufacturer) dealership and service properties located in Canada and the United States. The REIT's portfolio currently consists of 87 income-producing commercial properties, representing approximately 3.2 million square feet of gross leasable area in metropolitan markets across British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Quebec in Canada and Florida and Ohio in the United States. Automotive Properties is the only public vehicle in Canada focused on consolidating automotive and OEM dealership and service real estate properties.