KING CITY, Ontario, July 19, 2022 (GLOBE NEWSWIRE) -- TWC Enterprises Limited (“TWC”) today announced that, it has acquired beneficial ownership of, or control or direction over 800,900 trust units (“Units”) of Automotive Properties Real Estate Investment Trust (“REIT”) (TSX: APR.UN), through the facilities of the Toronto Stock Exchange and alternative Canadian trading systems between May 10, 2022 and July 14, 2022 at a weighted average price of $13.17 per Unit. The Units acquired by TWC represent 2.02% of the issued and outstanding Units of the REIT (the “Acquisition”).

Prior to the Acquisition, TWC beneficially owned, or had control or direction over 7,770,326 Units and K. Rai Sahi has 10,000 Units, together representing 19.91% of the issued and outstanding Units of REIT. Following the Acquisition, TWC and K. Rai Sahi have beneficial ownership of, or control or direction over, 8,581,226 Units of REIT, representing 21.61% of the issued and outstanding Units.

The Units were acquired for investment purposes. TWC and its affiliates may, from time to time, depending on market and other conditions, increase or decrease its beneficial ownership, control or direction over securities of REIT through market transactions, private agreements or otherwise.

This press release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issuers which requires a report to be filed under the Company’s profile on SEDAR (www.sedar.com) containing additional information respecting the foregoing matters. A copy of such report may be obtained by contacting Andrew Tamlin at TWC Enterprises Limited, 15675 Dufferin Street, King City, Ontario L7B 1K5.

K. Rai Sahi is the Director, Chairman, President and Chief Executive Officer of TWC and beneficially owns, or controls or directs, directly or indirectly controls through Paros Enterprises Limited and S.N.A. Management Limited 79.20% of the common shares of TWC.

About Automotive Properties REIT

Automotive Properties REIT is an unincorporated, open-ended real estate investment trust focused on owning and acquiring primarily income-producing automotive dealership properties located in Canada. The REIT's portfolio currently consists of 72 income-producing commercial properties, representing approximately 2.7 million square feet of gross leasable area, in metropolitan markets across British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Québec. Automotive Properties REIT is the only public vehicle in Canada focused on consolidating automotive dealership real estate properties.

Corporate Profile

TWC is engaged in golf club operations under the trademark, “ClubLink One Membership More Golf.” TWC is Canada’s largest owner, operator and manager of golf clubs with 47.5 18-hole equivalent championship and 2.5 18-hole equivalent academy courses (including two managed properties) at 36 locations in Ontario, Quebec and Florida

For further information please contact:

Andrew Tamlin Chief Financial Officer 15675 Dufferin Street King City, Ontario L7B 1K5 Tel: 905-841-5372 Fax: 905-841-8488 [email protected]