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Automotive Properties signs rate swaps of C$126M on credit facilities

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Automotive Properties signs rate swaps of C$126M on credit facilities

Toronto-based Automotive Properties REIT signed interest rate swap deals worth C$126.0 million on its credit facilities.

The deals cover C$15.0 million with a six-year term, C$66.6 million with a seven-year term and C$44.4 million with a 10-year term.

The company also blended and extended C$37.2 million of July 2020 interest rate swaps to a weighted average term of 5.6 years.

The automotive dealership-focused real estate investment trust's fixed weighted average effective interest rate on its debt, excluding revolving credit facilities, now stands at 3.79%.