Automotive Properties Real Estate Investment Trust announced that it has completed the previously-announced acquisition of an automotive property located at 3755 Autoroute des Laurentides (A-15) in Laval, Quebec.
The property will be occupied by a luxury, high-end car company that has entered into a long-term lease with the REIT. The purchase price for the Property, certain capital improvements and related expenses are expected to total approximately $13.5 million (excluding closing costs), which the REIT will fund through its existing credit facilities.
The REIT expects the lease to commence during the fourth quarter of 2020. The acquisition is expected to be accretive to the REIT’s run-rate Adjusted Funds from Operations per unit on a leverage-neutral basis.