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Automotive Properties to buy 2 Canadian assets for C$32.5M

Automotive Properties Real Estate Investment Trust struck deals to acquire two Canadian automotive dealership properties for roughly C$32.5 million.

The company agreed to pay C$23.6 million for the 58,913-square-foot Heritage Honda property in Calgary, Alberta, and C$8.9 million for the 20,102-square-foot Barrie Volkswagen property in Barrie, Ontario.

Automotive Properties plans to use a mix of proceeds from its previous C$46 million unit offering and existing credit facilities to settle the purchase price.

The company said it expects to close the transactions in April, noting that the addition of the assets is expected to be immediately accretive to its per-unit adjusted funds from operations.