Mr. Bruce Wigle reports
AUTOMOTIVE PROPERTIES REIT COMPLETES $18 MILLION ACQUISITION OF COUNTRY HILLS VOLKSWAGEN DEALERSHIP PROPERTY IN CALGARY
Automotive Properties Real Estate Investment Trust has closed the previously announced acquisition of the Country Hills Volkswagen dealership property in Calgary, Alta. The property includes a newly built 34,646-square-foot, full-service Volkswagen dealership facility located on approximately 4.7 acres at 11380 Stonehill Dr. NE, a busy commercial corridor just north of the Calgary International Airport.
The REIT financed a portion of the $18-million purchase price for the property through the issuance of 480,552 trust units of the REIT, valued at approximately $5.0-million. The remaining $13-million of the purchase price was financed through draws on the REIT's credit facilities and cash on hand.
About Automotive Properties Real Estate Investment Trust
Automotive Properties 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 40 income-producing commercial properties, representing approximately 1.5 million square feet of gross leasable area, and one development property in metropolitan markets across Ontario, Saskatchewan, Alberta, British Columbia and Quebec.
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