Automotive Properties REIT closed its approximately C$55.1 million bought-deal offering of 5.1 million units at C$10.80 per unit.

The automotive dealership property-focused real estate investment trust granted the underwriters a 30-day option to purchase up to an additional 765,000 units at the same price.

The REIT will use the net proceeds from the offering to repay debt incurred to fund its acquisition of two dealership properties from AutoCanada Inc., as well as for general trust purposes.

The syndicate of underwriters for the offering included TD Securities Inc. and Scotiabank, acting as joint book runners, and together with BMO Capital Markets, as co-lead underwriters.