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Automotive Properties REIT Seeks $75M in IPO

Automotive Properties REIT Seeks $75M in IPO

Automotive Properties REIT, created by The Dilawri Group, Canada’s largest auto dealership group, is aiming to raise $75M in what represents the first REIT initial public offering on the Toronto Stock Exchange in nearly two years, according to Bloomberg. Dilawri Group, with $1.6B in revenues last year, formed the REIT—which will have a portfolio of 26 income-producing commercial properties (958k SF of GLA)—to focus on owning and acquiring automotive dealerships in Canada. CT REIT was the last REIT IPO to list on the TSX. [Bloomberg]