Automotive Properties closes acquisition in Quebec

Executive Summary

• Automotive Properties Real Estate Investment Trust (APREIT) has completed the acquisition of a portfolio of six automotive properties in Ile-Perrot, Quebec, for a total purchase price of approximately $70.5 million.
• The portfolio includes five automotive dealership properties and one collision centre, totaling approximately 178,000 square feet of gross leasable area on 28 acres of land.
• The properties are tenanted by affiliates of Groupe AutoForce Inc. under long-term net leases with annual adjustments linked to the Quebec consumer price index.

Key Details

• Transaction Value: Approximately $70.5 million.
• Assets Acquired:
  • GM Ile-Perrot
  • Ile-Perrot Toyota
  • Mazda 2-20
  • Hyundai Ile-Perrot
  • Ford Ile-Perrot
  • One body shop/collision centre
• Property Specifications:
  • Aggregate Gross Leasable Area: ~178,000 square feet.
  • Land Size: ~28 acres.
  • Location: Ile-Perrot, Quebec (suburb of Montreal).
• Tenant Information:
  • Tenant: Affiliates of Groupe AutoForce Inc. (a private entity operating several automotive dealerships in the greater Montreal area).
  • Lease Structure: Long-term net leases subject to annual adjustments linked to the consumer price index in Quebec.
• Financing Structure:
  • $10 million financed through the issuance of Class B limited partnership units by Automotive Properties Limited Partnership (the REIT's operating subsidiary).
  • Price per Class B LP unit: $12.
  • Balance of purchase price: Financed through the REIT's credit facilities.

Notable Quotes

• None provided in the text.