Automotive Properties REIT completes C$46 million equity offering
On February 7, 2017, Automotive Properties Real Estate Investment Trust (the "REIT") closed its previously announced bought deal public offering of 4,255,000 units at a price of C$10.85 per unit to a syndicate of underwriters co-led by TD Securities Inc. and Canaccord Genuity Corp. for gross proceeds of approximately C$46 million. The offering included 555,000 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 reduce outstanding indebtedness under its credit facility (which may be subsequently redrawn and applied as needed to fund future acquisitions) and for general trust 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. The REIT's portfolio of 32 income producing commercial properties represents approximately 1.3 million square feet of gross leasable area in Ontario, Saskatchewan, Alberta, British Columbia and Québec.
Further information can be found on Canada Newswire's website.