Automotive Properties REIT completes C$55 million equity offering

On September 25, 2018, Automotive Properties Real Estate Investment Trust (the "REIT") announced that it entered into an agreement to sell 5,100,000 units of the REIT, on a bought deal basis, at a price of C$10.80 per unit to a syndicate of underwriters bookrun by TD Securities Inc. and Scotiabank and co-led by BMO Capital Markets for gross proceeds of approximately C$55.1 million.

The closing of the offering was announced on October 16, 2018. The REIT granted the syndicate of underwriters an over-allotment option, exercisable in whole or in part at any one time up to 30 days following closing of the offering, to purchase up to an additional 765,000 units at the offering price.

The REIT intends to use the net proceeds from the offering to repay debt incurred funding its C$55 million acquisition of two automotive dealership properties from AutoCanada Inc., located in Québec and Alberta, 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 currently consists of 42 income-producing commercial properties, representing approximately 1.7 million square feet of gross leasable area, and one development property, in metropolitan markets across Ontario, Saskatchewan, Alberta, British Columbia and Québec.

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