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Automotive retailing and logistics group, Automotive Holdings Group Limited (ASX:AHE) says it has delivered on its property strategy through the launch of API Automotive Trust.
After inking a deal with Australasian Property Investments Limited earlier this year the $66 million unlisted automotive property trust has now been launched.
The trust includes the sale and leaseback of five Automotive Holdings Group automotive dealership sites in Sydney and Perth.
The company has described the announcement as a milestone and says the trust will release capital, allowing Automotive Holdings Group to fund future growth and pursue expansion.
Shares in Automotive Holdings Group closed 1.45 per cent higher before the announcement was made, finishing last week at $2.79.
In the first half of the 2012 financial year Automotive Holdings Group reported a net profit of $31.8 million.
