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Automotive Properties REIT to Sell One of its Dealership Properties for $54 Million
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Automotive Properties REIT to Sell One of its Dealership Properties for $54 Million
Jul 29, 2024 5:29 AM

07:50 AM EDT, 07/29/2024 (MT Newswires) -- Automotive Properties Real Estate Investment Trust (APR-UN.TO) on Monday agreed to sell its automotive dealership in Markham, Ont. (the Kennedy Lands) for $54 million.

The price is a 79% premium above the IFRS value of the Kennedy Lands as at March 31.

The Kennedy Lands are being sold to a member of the Dilawri Group. The Purchaser is an affiliate of Dilawri, the REIT's largest unitholder.

The Kennedy Lands are leased to an affiliate of Dilawri under a long-term lease, with the initial sale price representing an approximate 3.36% capitalization rate.

The net proceeds of the transaction are expected to be used primarily to initially repay the REIT's revolving credit facilities.

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