Automotive Prop Acquires $23.4M Quebec Properties

Automotive Properties Real Estate Investment Trust has completed the previously announced acquisitions of two automotive dealership properties in Quebec from Groupe Olivier Capital for a combined purchase price of $23.4-million. The properties consist of Sherbrooke Honda in Sherbrooke and Magog Honda in Magog. The REIT financed the acquisitions by drawing on its revolving credit facilities and cash on hand.

Concurrent with the REIT's acquisition of the properties, affiliates of Groupe Olivier Capital are now the operating tenants of the properties, and they have each entered into 15-year, triple-net leases with the REIT that include contractual annual rent increases after the first year of the lease term. The lease obligations for the properties are indemnified by Groupe Olivier Capital.

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 68 income-producing commercial properties, representing approximately 2.6 million square feet of gross leasable area, in metropolitan markets across British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Quebec. Automotive Properties is the only public vehicle company in Canada focused on consolidating automotive dealership real estate properties.