Automotive Properties Real Estate Investment Trust announced that it has completed the previously-announced acquisitions of two automotive dealership properties in Quebec (the Properties") from Groupe Olivier Capital for a combined purchase price of $23.4 million. The Properties consist of Sherbrooke Honda in Sherbrooke and Magog Honda in Magog. The REIT funded the acquisitions by drawing on its revolving credit facilities and cash on hand.

Concurrent with the REIT's acquisition of the Properties, affiliates of Groupe Olivier Capital are now the operating tenants of the Properties, and they have each entered into 15-year, triple-net leases with the REIT that include contractual annual rent increases after the first year of the lease term. The lease obligations for the Properties are indemnified by Groupe Olivier Capital.