Automotive Properties Real Estate Investment Trust completes initial public offering of trust units

On July 22, 2015, Automotive Properties Real Estate Investment Trust (the "REIT"), an unincorporated, open-ended real estate investment trust focused on owning and acquiring primarily income-producing automotive dealership properties located in Canada, announced that it completed its initial public offering of 7,500,000 trust units at a price of C$10.00 per unit, raising gross proceeds of C$75 million. On August 18, 2015, the REIT completed the issuance and sale of an additional 620,000 trust units sold pursuant to the partial exercise of the underwriters' over-allotment option at the same price as the offering, for aggregate consideration of C$6,200,000, increasing the total gross proceeds of the initial public offering to C$81.2 million. TD Securities Inc. and Canaccord Genuity Corp. were the co-lead underwriters and joint bookrunners in the offering. The units are listed on the Toronto Stock Exchange under the symbol "APR.UN".

In connection with the closing, the REIT used the proceeds of the offering, together with drawdowns under the REIT's credit facilities, to indirectly acquire, through Automotive Properties Limited Partnership, from subsidiaries of 893353 Alberta Inc. (Dilawri), or entities related to Dilawri, 26 income-producing commercial properties for a total purchase price of approximately C$354.2 million. Affiliates of, and entities related to, Dilawri are the REIT's only tenants as of closing, occupying approximately 87% of the REIT's gross leasable area, and will be its most significant tenants for the foreseeable future.

Automotive Properties Real Estate Investment Trust 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 of 26 income-producing commercial properties represents approximately 958,000 square feet of gross leasable area in Ontario, Saskatchewan, Alberta and British Columbia leased exclusively to affiliates of, or entities related to, 893353 Alberta Inc. (Dilawri).

The Dilawri Group of Companies, which includes 893353 Alberta Inc., owns and operates 57 franchised automotive dealerships representing 30 automotive brands located in urban centres throughout Québec, Ontario, Saskatchewan, Alberta and British Columbia

Further information can be found on Canada Newswire's website.