Automotive Properties REIT Acquires Volkswagen Dealership Property In Calgary

Automotive Properties Real Estate Investment Trust (REIT) announced that it has entered into an $18 million agreement to purchase the Country Hills Volkswagen dealership property in Calgary, Alberta.

Located just north of the Calgary International Airport, Country Hills Volkswagen includes a newly-built 34,646 sq.-ft. full-service Volkswagen dealership facility operated by a Dilawri Group company.

Upon closing of the acquisition, Country Hills Volkswagen will be the operating tenant and will enter into an 18-year, triple-net lease with the REIT. The lease includes a contractual 1.5 per cent annual rent increase after year one and is indemnified by a Dilawri company.