Dilawri Group of Companies Increases Ownership Position in Automotive Properties REIT

TORONTO, March 31, 2023 /CNW/ - 893353 Alberta Inc. ("Dilawri") acting in concert with Dilawri Investment Trust today announced that it has acquired beneficial ownership of, or control or direction over, 982,900 trust units ("Units") of Automotive Properties Real Estate Investment Trust ("REIT") (TSX: APR.UN) through the facilities of the Toronto Stock Exchange between August 31, 2022, and March 28, 2023, at a weighted average price of $12.55 per Unit. These Units were acquired through Dilawri subsidiary 2030445 Ontario Inc and Dilawri Investment Trust. The Units acquired by Dilawri represent 2.00% of the issued and outstanding Class A and Class B units of the REIT (the "Acquisition").

Prior to the Acquisition, Dilawri beneficially owned, or had control or direction over, 5,437,520 Class A units, representing 13.54% of the REIT's issued and outstanding Units, and 9,327,487 Class B limited-partnership units ("Class B LP Units") of Automotive Properties Limited Partnership (the "Partnership"), the operating subsidiary of the REIT, representing 100% of the issued and outstanding Class B LP Units, together with 9,933,253 special voting units ("Special Voting Units") of the REIT, representing 100% of the issued and outstanding Special Voting Units. The Class B LP Units are economically equivalent to and exchangeable on a one-for-one basis for Units (subject to customary anti-dilution protections). Following the Acquisition, Dilawri has beneficial ownership of, or control or direction over, 6,420,420 of Class A Units and 9,327,487 of Class B LP Units, representing 32.10% of the issued and outstanding Class A and Class B units combined.

The Units were acquired for investment purposes. Dilawri and its affiliates may determine to purchase additional units in the open market or otherwise, or to sell all or some of the Units, depending upon price, market conditions, availability of funds, evaluation of alternative investments and other factors.

An early warning report in respect of the Acquisition will be filed in accordance with applicable securities laws. It will be available on SEDAR at www.sedar.com or may be obtained directly from James Matthews, Executive Vice President of Dilawri Group of Companies upon request.

About Dilawri

Privately owned and operated since 1985, today Dilawri continues to build on its history of excellence as Canada's largest automotive group. The company is proud to offer exceptional products and customer service, delivered by more than 3,500 employees. Dilawri's national network represents 37 of the world's most beloved automotive brands at 80 franchised dealerships in Canada and the United States.

Dilawri is committed to leadership in the communities it serves as well as in business. Since 2002, the Dilawri Foundation has contributed millions of dollars to a wide range of charitable causes.

To learn more about Dilawri, visit dilawri.ca.

SOURCE Dilawri Group of Companies

James Matthews, Executive Vice President, Dilawri Group of Companies, 87 Front Street East, Suite 300, Toronto, Ontario M5E 1B8, Tel: [phone]