Automotive Properties REIT, an open-ended real estate investment trust based in Toronto, Ont., has entered into an agreement to acquire the Country Hills Volkswagen dealership property in Calgary, Alta., for approximately $18 million.
The newly-built 34,646 square-foot dealership facility, which stands on approximately 4.7 acres of land and is operated by the Dilawri Group, is located at 11380 Stonehill Drive NE — which is just north of the Calgary International Airport.
Once the acquisition is complete, Country Hills Volkswagen will become the operating tenant and “will enter into an 18-year, triple-net lease” with the REIT.
The real estate investment trust company is also responsible for funding the recently completed dealership facility expansion at its Frost Chevrolet Buick GMC Cadillac store in Brampton, Ont., which saw the addition of 7,706 square-feet of “gross leasable area” to the dealership’s existing 35,504 square-feet at a cost of around $2 million.
The amount was reportedly paid for through “cash on hand.” REIT also said it drew from its revolving credit facility.
