Automotive Properties REIT completes C$40 million equity offering

Torys acted as counsel to the REIT with a team that included Simon Knowling, Robbie Leibel and Simonne Horwitz (Canadian securities), Mile Kurta and Erin Wiley (U.S. securities), Corrado Cardarelli and Grace Pereira (Canadian tax), David Mattingly and Jonathan Weinblatt (U.S. tax).

On September 19, 2016, Automotive Properties Real Estate Investment Trust (the "REIT") announced that it closed its previously announced bought deal public offering of 3,841,000 units at a price of C$10.50 per unit to a syndicate of underwriters co-led by TD Securities Inc. and Canaccord Genuity Corp. for gross proceeds of approximately C$40 million. The offering included 501,000 units issued as a result of the exercise in full of the underwriters' over-allotment option.

The REIT will use the net proceeds from the offering to finance the approximately C$17 million purchase price for the previously-announced acquisition of the Pfaff Audi dealership property, located in Vaughan, Ontario. The balance of the net proceeds will be used to repay approximately C$18 million of indebtedness owing under the REIT's credit facilities and for general business purposes.

Automotive Properties REIT is an unincorporated, open-ended real estate investment trust focused on owning and acquiring primarily income-producing automotive dealership properties located in Canada.

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