Automotive Properties Real Estate Investment Trust (the "REIT") announced that it has entered into an agreement to purchase a dealership property in Kitchener-Waterloo, Ontario to be redeveloped for a luxury high-end car company that will occupy the premises. The REIT expects to invest approximately $7.5 million including the purchase price, redevelopment costs and related expenses. The REIT intends to satisfy the purchase price through draws on its existing credit facilities. The REIT has completed its diligence in connection with this acquisition and closing is expected to occur in late February 2018, subject to customary closing conditions.