Automotive Properties REIT completes C$40 million equity offering

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.