Financings

Automotive Properties closes $7M in additional proceeds

By The Northwire Desk — AI Analysis Oct 28, 2025 · 19:15 APR · 11.11 Automotive Properties Real Estate Investment Trust

APR · Price

Automotive Properties REIT has completed the exercise of its $7 million overallotment option and additional subscription options, bringing the total gross proceeds of the offering to approximately $57 million.
The transaction involved the sale of 428,200 units to underwriters and 201,247 units to the Dilawri Group, both priced at $11.11 per unit.
Net proceeds are designated primarily for repaying indebtedness related to the acquisition of three automotive dealership properties in Dorval, Quebec, with any balance reserved for general trust purposes.

Overallotment Option Exercise:
- Sold 428,200 units to the syndicate of underwriters.
- Price: $11.11 per unit.
- Gross Proceeds: Approximately $4.8 million.
Additional Subscription Option Exercise:
- Sold 201,247 units to a member of the Dilawri Group on a private placement basis.
- Price: $11.11 per unit.
- Gross Proceeds: Approximately $2.2 million.
- Restriction: Units are subject to a statutory hold period of four months plus one day from the date of issuance.
Total Offering Metrics:
- Total Gross Proceeds: Approximately $57 million.
Use of Proceeds:
- Repayment of indebtedness under credit facilities, specifically debt incurred to finance the cash portion of the acquisition of three automotive dealership properties in Dorval, Quebec.
- Remaining balance, if any, to be used for general trust purposes.