Mr. Bruce Wigle reports
AUTOMOTIVE PROPERTIES REIT COMPLETES $55 MILLION EQUITY OFFERING
Automotive Properties Real Estate Investment Trust has closed its previously announced bought deal public offering of 5.1 million units at a price of $10.80 per unit to a syndicate of underwriters, including TD Securities Inc. and Scotiabank as joint bookrunners and BMO Capital Markets, collectively as co-lead underwriters, for gross proceeds of approximately $55-million. The REIT granted the syndicate of underwriters an overallotment option, exercisable in whole or in part at any one time up to 30 days following closing of the offering, to purchase up to an additional 765,000 units at the offering price.
The REIT will use the net proceeds from the offering to repay the debt incurred to finance the purchase price for the recently completed acquisition of two automotive dealership properties from AutoCanada Inc. and for general trust purposes.
About Automotive Properties REIT
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 42 income-producing commercial properties, representing approximately 1.7 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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