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Automotive Properties REIT Announces Agreements to Acquire Two Dealership Properties in Winnipeg from AutoCanada

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Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (the “REIT”) announced today that it has entered into agreements to purchase two automotive dealership properties in Winnipeg, Manitoba from AutoCanada Inc. (TSX: ACQ) (“AutoCanada”) for a total purchase price of approximately $23.95 million(the “Transaction”), excluding closing costs.

The two dealership properties included in the Transaction are the McNaught Cadillac Buick GMC automotive dealership property (the “McNaught GM Property”) and the St. James Volkswagen automotive dealership property (the “St. James VW Property”). The additions of the McNaught GM Property and the St. James VW Property are expected to be accretive to the REIT’s run-rate Adjusted Funds from Operations (“AFFO”)¹ per unit on a leverage-neutral basis.

“We are pleased to enter our second property acquisition transaction with AutoCanada, one of Canada’s largest automotive retailers. We look forward to expanding our portfolio into the metropolitan Winnipeg market with these high-quality assets and further diversifying our tenant base,” said Milton Lamb, President and CEO of the REIT.

The McNaught GM Property includes a 56,641 square foot full-service General Motors dealership facility that was built in 2003, with extensive renovations completed in 2015. The McNaught GM Property occupies approximately 5.6 acres of land within the Waverley Automall in southwestern Winnipeg, with convenient access to major highways in an area of substantial commercial development. Upon closing of the Transaction, an affiliate of AutoCanada will be the operating tenant of the McNaught GM Property and will enter into a 19-year, triple-net lease with the REIT. The lease will include a contractual annual rent increase after the first year of the lease term, based on the Manitoba Consumer Price Index (“Manitoba CPI”).

The REIT has agreed to fund capital development expenses for the McNaught GM Property up to a maximum of $3.0 million, expected to be undertaken by the end of 2021. In return for the development funds, the tenant will pay an incremental monthly rental amount based on the amount of development expenses incurred calculated at not less than the capitalization rate of the property purchase price, for the duration of the lease term, plus annual Manitoba CPI escalations thereafter.

The St. James VW Property includes a 39,494 square foot, full-service Volkswagen dealership facility built in 2004 / 2005. The St. James VW Property occupies approximately 3.9 acres of land located at 670 Century Street, in close proximity to the Winnipeg International Airport and CF Polo Park, Manitoba’s largest shopping centre, with convenient access to the TransCanada Highway. Upon closing of the Transaction, an affiliate of AutoCanada will be the operating tenant of the St. James VW Property and will enter into a 19-year, triple-net lease with the REIT. The lease will include a contractual annual rent increase after the first year of the lease term, based on the Manitoba CPI.

The REIT has agreed to fund capital development expenses for the St. James VW Property up to a maximum of $3.5 million, expected to be undertaken by early 2020. In return for the development funds, the tenant will pay an incremental monthly rental amount based on the amount of development expenses incurred calculated at the capitalization rate of the property purchase price, for the duration of the lease term, plus annual Manitoba CPI escalations thereafter.

AutoCanada Holdings Inc. will provide an indemnity to the REIT in respect of the lease obligations for both the McNaught GM Property and the St. James VW Property. The REIT will finance the Transaction through draws on its revolving credit facilities and through the expansion of one of its credit facilities, which the REIT will facilitate by using the McNaught GM Property and the St. James VW Property as security. The Transaction is expected to close later this month, subject to customary closing conditions. The REIT may close on one of the properties in advance of closing on the second property if closing conditions are satisfied on one property before conditions are satisfied on the other property.

 

SOURCE Automotive Properties Real Estate Investment Trust

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Leading Decentralized Investment Banking Group – Coinstreet Partners, Awarded Asia Futurist Leadership Award

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From left : Prof. Spencer Li - Independent Director of Coinstreet Partners, Ms. Eva Law - Founder and Chairman of the Association of Family Offices in Asia, Mr. Samson Lee - Founder and CEO of Coinstreet Partners, Mr. Chan Heng Fai - Chairman of Coinstreet Partners; at the Asia Futurist Leadership Award Gala.

 

The Asia Futurist Leadership Award in the category of High Flyer Award – Outstanding Deal Originator In Asia was awarded to Coinstreet Partners by the Association of Family Offices in Asia, the Association of Private Bankers in Greater China and the Women In Leadership Association at the Asia Futurist Leadership Summit, held in Hong Kong during International Financial Week.

Asia Futurist Leadership Awards (AFLA) recognize family offices, family enterprises, industry professionals, private banks, institutions, funds and new ventures around the world that are creating a positive environment, promoting sustainability and making social impact, ultimately contributing to the creation of a better world.

The Association of Family Offices in Asia, principal organizer of AFLA, is a professional society that distinctively connects single, multi and virtual family offices as well as the industry societies in the region. It currently has more than 9000 institutional associates and hundreds of single and multi-family office members, with investment net worth typically over USD50 million.

“Digital assets are one of the transformative forces shaping the new face of the financial service industry and the economy as a whole. We would like to see more prudent players and regulation to ensure this development heads in the right direction,” said Ms. Eva Law, Founder and Chairman of the Association of Family Offices in Asia. “We are very pleased to see Coinstreet Partners win this award and look forward to their continuous effort to make digital assets widely available, and bring value to investors and to economic development.”

“Congratulations to Coinstreet for winning the Asia Futurist Leadership High Flyer Award, it recognizes them as an outstanding deal originator in Asia, and their vision to crossover Finance, Media and Technology is an exciting future trend,.” said Ms. Mercedes Ho, Executive Director of Forbes Global Allianceand the presenter of the award.

Coinstreet is a leading decentralized investment banking group and consultancy firm in the F.M.T. (Finance, Media & Tech) field, providing a business eco-system for the new era of digital economy. Coinstreet focuses on five business segments: Token Finance Consultancy, Digital Asset & Wealth Management, PR Media & Investor Relations, Digital Asset Tokenization & Trading Platform, and Decentralized Finance & DLT Solutions.

“The Association of Family Offices in Asia is a highly respectable organization in traditional investment communities,” said Mr. Samson Lee, Founder and CEO of Coinstreet Partners. “We are very honored to be the recipient of the Asia Futurist Leadership Award. It represents a significant recognition of our efforts and vision of the convergence between the traditional financial eco-system and the digital assets system.”

According to a survey from the World Economic Forum, around 10% of global GDP will be tokenized and stored on Blockchain by 2027. Coinstreet serves clients with tokenization needs ranging from stablecoins, real estate, financial services, technology, biotech, healthcare, telecommunications, energy, manufacturing, hotel, hospitality, lifestyle, gaming, media and entertainment sectors. Significant growth in the number of high-quality STO projects and global expansion of investor communities is expected, as adaption of this new corporate finance model gains popularity globally.

 

SOURCE Coinstreet Partners

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Monerium and Algorand enter partnership to issue e-money on the Algorand protocol

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Photo source: effectivecooperation.org

 

Monerium (https://www.monerium.com/), the world’s first authorized provider of licensed e-money for blockchains, and Algorand Inc. (https://www.algorand.com/), the world’s first open source, permissionless, pure proof-of-stake blockchain protocol, announce a non-exclusive partnership to support the Algorand protocol in 2020 with Monerium’s fully programmable and redeemable e-money.

Mainstream adoption of blockchains requires a reliable form of digital cash on-chain. Since receiving its e-money license in June 2019, Monerium has announced several B2B use cases for e-money, including a cross-border transaction in euros. Monerium now supports e-money across the EU, IcelandNorway and Liechtenstein in US Dollars, Euros, British Pounds, and Icelandic krona.

Algorand recently benefited from a significant upgrade, Algorand 2.0, which includes a number of features that enable sophisticated exchanges such as account quarantine, whitelist models, flexible asset reserve models and more.

“We look forward to supporting the Algorand protocol. Algorand incorporates key features for many mainstream use-cases, including stateless smart contracts and scaleable proof-of-stake consensus. The Algorand leadership has taken a pragmatic and deliberate approach in designing a blockchain for mainstream applications while staying close to the ethos of the open source community” states Sveinn Valfells, co-founder and CEO of Monerium. “Supporting new blockchains with mainstream relevance is a priority for Monerium.”

“Monerium and Algorand have a shared vision for real-world use cases that are enabled by advanced blockchain technology,” said W. Sean Ford, COO of Algorand, Inc. “We are thrilled that Monerium will be bringing their solution for e-money to Algorand and we look forward to our community’s ability to leverage the technology for straightforward regulatory compliance.”

 

SOURCE Algorand Foundation

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Kadena Launches Public Chain with Smart Contract Transactions, Completing Industry’s First Hybrid Blockchain

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Kadena, the first blockchain technology company to come out of JP Morgan’s Blockchain Center for Excellence, has announced the full launch of its public blockchain. Kadena’s public blockchain is first to market as a sharded Proof of Work Layer 1 network. Following the start of genesis mining in October 2019, Kadena has surpassed having two million blocks mined at hash rates as high as 40 TH/S. Today’s launch includes full transactions and the ability to write smart contracts. The latest functionalities of the network complete Kadena’s hybrid blockchain platform. Kadena is already delivering interoperability, scalability, and security across industries including financehealthcare, and insurance.

The hybrid blockchain supports interoperability using Pact, Kadena’s open-source, Turing-incomplete smart contract language with Formal Verification. The simple smart contract language is powerful enough to code complex contracts and execute multi-party transactions. Enterprises and developers alike will find that applications once considered too difficult to build are now achievable with Kadena. Removing the complexity and vulnerability of other smart contract languages, Pact advances secure and legible transactions.

“Despite blockchain having immense potential, our experience building JP Morgan’s first blockchain showed us its limitations,” said Founder and President Stuart Popejoy. “Launching a fully functional hybrid blockchain which seamlessly integrates a public chain with a private network is a significant step forward in reimagining what applications can do on-chain.”

Kadena’s public blockchain functions through a braided, parallelized Proof of Work consensus mechanism, the only protocol that has been validated in the market. The architecture enhances throughput and scalability while preserving the reliability of Bitcoin. Kadena Kuro, the platform’s next-generation private blockchain, overcomes the challenges of security, scalability, and speed found in existing blockchains such as Ethereum.

“We’ve solved the scaling challenges of Bitcoin with parallel Proof of Work chains while addressing the security issues of Ethereum with Pact,” said Founder and CEO Will Martino. “Today’s launch of our public blockchain with smart contract transactions, which completes our hybrid platform, advances mainstream adoption. We’re excited to see how Kadena’s blockchain will empower entrepreneurs and enterprises to bring in Economics 2.0.”

The launch comes after Kadena completed a year full of milestones in 2019, including the news that next-generation blockchain networks such as Cosmos and Polkadot are looking to implement the Pact smart contract language. Businesses exploring deployment of applications on blockchain were able to utilize the speed and security of Kadena Kuro when it got listed on AWS Marketplace and Azure Marketplace with free community editions.

 

SOURCE Kadena

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