Capital Automotive REIT (CARS). Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Capital Automotive REIT (CARS).

CARS 10.74

+1.2%

Oct 31 9:30 AM EST

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Paul Lee who wrote ()	6/2/1998 10:37:00 AM
From: Paul Lee	of 46

Buying continues Capital Automotive REIT Signs Letters of Intent for Acquisitions Valued at 125 Million MCLEAN, Va., June 2 /PRNewswire/ -- Capital Automotive REIT (Nasdaq: CARS) today announced that it has entered into 10 letters of intent to purchase $125 million of automotive dealership properties across the United States at terms consistent with its business plan. The Company is in the final stages of contract negotiation with the sellers and expects to announce execution of definitive agreements for all or a significant portion of these transactions by the close of the second quarter, ending June 30, 1998. The Company did not disclose the names of the dealers with whom they have reached agreements but stated that the proposed acquisitions involve 30 properties located in eight states. Thomas D. Eckert, president and chief executive officer, stated, "These agreements as to basic business terms reflect Capital Automotive's robust acquisition pipeline, the realization of our significant opportunity for growth and the results of our continuing efforts to enhance shareholder value. Today's announcement confirms that our concept remains very attractive to dealers as we provide liquidity for owners to reinvest in their business with a favorable tax treatment while allowing long-term site control by an experienced management team. This new group of dealers are in-line with our strategy of acquiring high-quality, multi-site dealership groups that diversify our asset base geographically at favorable lease terms."

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next