Mr. Milton Lamb of Automotive Properties reports
AUTOMOTIVE PROPERTIES REIT COMPLETES ACQUISITION OF TWO DEALERSHIP PROPERTIES IN WINNIPEG FROM AUTOCANADA
Automotive Properties Real Estate Investment Trust has completed the previously announced acquisitions of two automotive dealership properties in Winnipeg, Man., from AutoCanada Inc. for a combined purchase price of approximately $23.95-million.
The two properties included in the transaction are the McNaught Cadillac Buick GMC automotive dealership property, located in the Waverley Automall in southwestern Winnipeg, and the St. James Volkswagen automotive dealership property, which is located in close proximity to the Winnipeg International Airport and CF Polo Park, Manitoba's largest shopping centre.
The REIT financed the transaction through draws on one of its revolving credit facilities and draws on a credit facility that was expanded in conjunction with the transaction.
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 56 income-producing commercial properties and one development property, representing more than two million square feet of gross leasable area, in metropolitan markets across Ontario, Saskatchewan, Alberta, British Columbia, Manitoba and Quebec.
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