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Automotive Properties REIT Buys Audi Barrie Dealership

Toronto Retail

Automotive Properties REIT is acquiring the newly built Audi Barrie dealership in Innisfil, ON, for $11.1M. The 25k SF dealership—on 3.1 acres along a commercial corridor that neighbours other luxury dealerships—was one of the three development properties owned by the Dilawri Group when it launched the REIT's IPO last July. The Dilawri Group, which will operate the dealership, is entering into a 19-year lease with the REIT upon closing of the acquisition. Last month, Automotive Properties REIT acquired the real estate underlying Porsche Centre and Jaguar Land Rover Edmonton, a 45k SF building, for $23M.