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Commercial real estate: APREIT acquires 2 auto dealerships

Automotive Properties Real Estate Investment Trust (APREIT) just sealed the deal on a multi-million dollar acquisition of two dealership properties. The commercial real estate deals included one in Sherwood Park, Alberta, and one in Laval, Quebec. The two auto dealerships set APREIT back about $55.5 million.  

REIT funded the venture with funds from one of its revolving credit properties and from a similar expanded facility. Equity from the deal will be used to pay down the debt from the transaction and for trust purposes. This is known as an offering, and it hinges on Toronto Stock Exchange approval.

APREIT is an unincorporated investment trust which is also open-ended. It focuses on acquiring Canadian income-producing auto dealerships. It currently has 42 of these commercial properties in its roster. In total, that represents a gross leaseable area of about 1.7 million square feet in Alberta, British Columbia, Saskatchewan, Quebec and Ontario. It is the only investment trust focusing on automotive dealership properties. 

Commercial real estate deals can be exciting, but they can also be financially dangerous. There are many complexities and intricate details involved with the purchase of commercial real estate. A real estate lawyer might bring strong negotiating tactics to the deal-making table. Having a third party who is familiar with the complexities of the law and who has a fiduciary responsibility to his or her client may mean that a client will get the best deal possible. Whether a client is buying or selling commercial property, a real estate lawyer can save a client time and ensure the prospective deal is legitimate.

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