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TORONTO, June 2, 2023
/CNW/ - Automotive Properties Real Estate Investment Trust (TSX:
APR.UN) ("Automotive Properties REIT" or the "REIT") announced
today that it has entered into a 50/50 joint venture (the "Joint
Venture") with StorageVault Canada Inc. (TSX: SVI) ("StorageVault")
to acquire an automotive dealership property located at 9425
Taschereau Boulevard in Brossard,
Quebec (the "Brossard Property") from a third-party vendor.
StorageVault currently owns a self-storage property that is
adjacent to the Brossard Property. The acquisition of the Brossard
Property has closed.
Under the terms of the Joint Venture, Automotive Properties REIT
and StorageVault each funded 50% of the $16.1 million purchase price, which included
related expenditures.
The Brossard Property consists of a 50,415 square-foot,
full-service automotive dealership facility situated on
approximately 3.4 acres of land and is currently under triple-net
leases with Groupe Park Avenue Volvo and Jaguar Land Rover. The
leases are subject to annual adjustments linked to the consumer
price index in Quebec.
The Brossard Property will be managed by the REIT for so long as
it is used for automotive purposes for customary management fees.
The Joint Venture expects to consider the highest value and best
use for the Brossard Property over the long term to maximize value,
including automotive, self-storage, or other uses.
About Automotive Properties
REIT
Automotive Properties REIT is an internally managed,
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 77 income-producing commercial properties,
representing approximately 2.8 million square feet of gross
leasable area, in metropolitan markets across British
Columbia, Alberta, Saskatchewan, Manitoba, Ontario 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.
About StorageVault Canada
Inc.
StorageVault owns and operates 239 storage locations across
Canada. StorageVault owns 208 of
these locations plus over 4,500 portable storage units representing
over 11.5 million rentable square feet on 670 acres of land.
StorageVault also provides last mile storage and logistics
solutions and professional records management services, such as
document and media storage, imaging and shredding services. For
more information, please
visit: www.storagevaultcanada.com.
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 includes the management of the Brossard
Property and the Joint Venture's expected consideration of the use
of the Brossard Property. 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 in the REIT's regulatory filings
that can be found on SEDAR (www.sedar.com). 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 only as of the date of this news
release.
SOURCE Automotive Properties Real Estate Investment Trust