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Automotive Properties expanding reach into Edmonton with $23-million purchase

TORONTO – The land under two luxury car dealerships in Edmonton has been sold for $23 million to a real estate trust.

It’s the first acquisition in the city for Automotive Properties Real Estate Investment Trust (TSX:APR.UN), which already has 27 income producing properties in Ontario, Saskatchewan, Alberta, British Columbia and Quebec.

Automotive Properties says the latest land acquisition is under a 44,800 square foot building that houses Porsche Centre and Jaguar Land Rover Edmonton, owned by Go Auto.

Upon closing of the land deal, the Go Auto tenants will lease the space under a 17-year agreement with the trust.

Automotive Properties also announced Thursday that it has completed a similar deal for the land under Toyota Woodland in Montreal. The property was purchased for $7.2 million and he Dilawn Group has signed a 16-year lease with the REIT.