Automotive Properties Actual Property Funding Belief is constructing publicity to the electrical car market with the acquisition of two properties occupied by Tesla Canada.
The Toronto-based actual property agency, which owns 70 dealership and repair properties in six provinces, mentioned the $25.9 million acquisition covers a location in Innisfil, Ont. and a two-building web site in Québec Metropolis. Tesla runs a service centre at every property.
“We proceed to extend the electrical car element inside our portfolio. We now personal 5 properties tenanted by Tesla Canada in city markets throughout Canada,” Milton Lamb, CEO of Automotive Properties REIT, mentioned in a launch Monday.
The Quebec property covers 2180 and 2200 Cyrille-Duquet St. and is positioned alongside Autoroute 440. Its two buildings occupy roughly 50,000 square-feet (4,500 square-metres).
In Ontario, the REIT will take over 2474 Doral Drive. The 17,000 square-foot (1,500 square-metre) service facility is positioned simply off Hwy. 400, about 100 kilometres north of Toronto.
Automotive Properties mentioned it is going to fund the purchases by drawing on its revolving credit score services.