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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