- What Automotive Properties has closed its $54m sale of an automotive dealership in Markham
- Why A member of Dilawri Group acquired the property
- What next Net proceeds will be used to repay the firm’s revolving credit facilities
Automotive Properties REIT has completed the sale of an automotive dealership asset in Markham, Ont., for $54m.
A member of Dilawri Group, the REIT’s largest shareholder, purchased the property at 8210 and 8220 Kennedy Road, and 7 and 13/15 Main Street. The deal was announced in July.
The firm will use the net proceeds from the sale to repay its revolving credit facilities and to fund future acquisitions.
The REIT could receive additional cash if the sites are successfully rezoned with density in excess of an agreed threshold.
