December 23, 2019
Torys represented Automotive Properties REIT with a team that included Simon Knowling, Robbie Leibel and Emily Debono (corporate/securities), Andrew Wong and Joshua Morry (tax).
On December 23, 2019, Automotive Properties Real Estate Investment Trust ("Automotive Properties REIT") announced that it closed its previously announced bought deal public offering of 7,900,500 units at a price of C$11.65 per unit to a syndicate of underwriters bookrun by TD Securities Inc., BMO Capital Markets and Scotiabank for gross proceeds of approximately C$92 million. The offering included 1,030,500 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 (i) to fund the purchase price and related closing costs in respect of the proposed acquisitions of the Regina BMW and Acura North Vancouver automotive dealership properties from the Dilawri Group, (ii) repay the debt incurred to fund the purchase price for the recently-completed acquisition of the Straightline Kia automotive dealership property from an affiliate of the JV Driver Group and (iii) for general trust purposes, including the repayment of indebtedness and funding of certain committed capital investments.
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 62 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.