Automotive Properties REIT completes C$84 million equity offering
On June 28, 2019, Automotive Properties Real Estate Investment Trust (the "REIT") announced the closing of its previously announced bought deal public offering of 8,000,000 units at a price of C$10.45 per unit to a syndicate of underwriters, bookrun by TD Securities Inc. and BMO Capital Markets, for gross proceeds of approximately C$84 million. The offering included 1,000,000 units issued as a result of the partial exercise of the underwriters' over-allotment option.
The REIT will use the net proceeds from the offering to repay the debt incurred funding the purchase price for the recently-completed acquisition of three automotive dealership properties from AutoCanada Inc., as well as funding the purchase price for the proposed acquisition of the Audi Queensway automotive dealership property from the Dilawri Group and for general trust purposes, including the repayment of indebtedness.
Further information can be found on Canada Newswire's website.
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 currently consists of 60 income producing commercial properties representing more than two million square feet of gross leasable area, in metropolitan markets across British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Québec.