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TORONTO, Oct. 1, 2024 /CNW/ - Automotive Properties Real Estate Investment Trust (TSX: APR.UN) ("Automotive Properties REIT" or the "REIT") announced today the completion of its previously announced sale of the automotive dealership property located at 8210 and 8220 Kennedy Road and 7 and 13/15 Main Street, in Markham, Ontario (collectively, the "Kennedy Lands") to a member of the Dilawri Group for gross proceeds of $54 million. The REIT will use the net proceeds from the sale of the Kennedy Lands primarily to repay indebtedness under its existing revolving credit facilities, which will provide the REIT with additional acquisition capacity. In addition to the $54 million initial sale price, the REIT has the potential to benefit from the successful rezoning of the Kennedy Lands through the payment of additional cash consideration should the Kennedy Lands be successfully rezoned with density in excess of an agreed threshold, without incurring any of the risks related to the redevelopment of the Kennedy Lands.
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