Quebec
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Automotive Properties REIT Complete $70.5M Acquisition of Six GMA Locations
Automotive Properties REIT has agreed to acquire a portfolio of six properties in Île-Perrot, Que., for about $70.5 million.
The assets include five automotive dealerships and a collision centre totalling 177,932 square feet of gross leasable area on 28 acres of land. The dealerships sell General Motors, Toyota, Hyundai and Ford vehicles.
The REIT plans to fund the acquisition through the issuance of $10 million in class B limited partnership units at $12 per unit, with the balance financed by its credit facilities. Each property will be operated under long-term net leases with annual adjustments linked to Quebec’s consumer price index.
The REIT has also completed its purchase of a 34,938-sf automotive property in Orlando, Fla., for US$16.8 million. The site, located on 6.4 acres, is leased long term to Rivian LLC.
Pictured: Photos on the lot of a Hyundai dealership in Île-Perrot, Que.
Photo: Hyundai Île-Perrot
- ◦Sale/Acquisition
- ◦Financing
