Automotive Properties REIT Completes $55 Million Equity Offering

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Automotive Properties REIT Completes $55 Million Equity Offering

Canada NewsWire

/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/

TORONTO, Oct. 16, 2018 /CNW/ - Automotive Properties Real Estate Investment Trust (TSX: APR.UN) ("Automotive Properties REIT" or the "REIT") announced today that it has closed its previously announced bought deal public offering of 5,100,000 units at a price of $10.80 per unit (the "Offering Price") to a syndicate of underwriters, including TD Securities Inc. and Scotiabank as joint bookrunners and BMO Capital Markets, collectively as co-lead underwriters, for gross proceeds of approximately $55 million (the "Offering"). 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 will use the net proceeds from the Offering to repay the debt incurred to fund the purchase price for the recently-completed acquisition of two automotive dealership properties from AutoCanada Inc. and for general trust purposes.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Automotive Properties REIT

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. Automotive Properties REIT is the only public vehicle in Canada focused on consolidating automotive dealership real estate properties. For more information, please visit: www.automotivepropertiesreit.ca.

Forward-Looking Information

This news release contains forward-looking information within the meaning of applicable securities legislation, which reflects the REIT's current expectations regarding future events and in some cases can be identified by such terms as "will" and "expected". Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT's control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under "Risks and Uncertainties" in the REIT's management's discussion and analysis most recently filed on SEDAR (www.sedar.com) and in the REIT's current annual information form which is also available on SEDAR. The REIT does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. This forward-looking information speaks as of the date of this news release.

SOURCE Automotive Properties Real Estate Investment Trust

View original content: http://www.newswire.ca/en/releases/archive/October2018/16/c7156.html

Copyright CNW Group 2018

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