Automotive Properties Real Estate Investment Trust announced it will purchase the Audi Barrie property in Innisfil, Ont. for around $11.1-million, making this the third deal for the trust in less than a month.
Audi Barrie is a newly-constructed 25,000 sq.ft. dealership located on 3.1 acres.
The company commented the dealership is located along an “attractive commercial corridor neighbouring other luxury dealerships” at 2484 Doral Drive in Innisfil, near Barrie, Ont.
“We look forward to adding Audi Barrie, a brand new luxury dealership property, to our portfolio,” said Milton Lamb, President and CEO of Automotive Properties REIT. “This transaction further advances our strategy of leveraging our relationship with the Dilawri Group to grow our portfolio in support of generating increased cash available for unitholder distributions.”
The transaction is expected to close this month, subject to customary financing and closing conditions.
The REIT closed its first acquisition of Toyota Woodland, a 50,000 sq. ft. dealership in Montreal, Que. for approximately $7.2-million.
Later that month, the REIT announced a second deal to acquire a Go Auto dealership property in Edmonton, Alta. for approximately $23-million.
