Automotive Properties REIT completed the C$101.4 million acquisition of 11 properties in Ontario that were purchased from a private automotive dealership group.
The portfolio, comprising nine properties in Ottawa and two in Kingston, Canada, spans roughly 303,817 square feet of space sitting atop about 29.7 acres of land.
Under the deal, the properties will be leased back under under long-term, triple-net leases ranging from 17 to 20 years. Nine automotive dealerships exclusively occupy six of the properties, while five of the assets are being used for ancillary dealership services.
The specialty real estate investment trust utilized its credit facilities to fund the transaction.