Net lease real estate investment trust W. P. Carey bought 14 automotive dealership properties across Western Canada and is leasing back the properties, expanding its presence in single‑tenant commercial real estate tied to major operating businesses.
The deal includes more than 570,000 square feet of dealership space in greater Vancouver, Calgary, Edmonton and Winnipeg. The properties are leased on a triple-net basis to Go Auto, the second‑largest automotive dealership group in Canada, with the tenant paying rent as well as property taxes, insurance and maintenance costs.
Go Auto sold the properties to W. P. Carey for $287 million, or about 206 million U.S. dollars, and leased them back to Go Auto under long‑term agreements designed to enable the company to continue operating the dealerships while generating capital. Each property is subject to a 25‑year triple‑net lease with annual rent escalations tied to the consumer price index, or CPI.
W. P. Carey said the transaction was completed in an off-market deal and reflects its focus on buying buildings directly from operating businesses and leasing them back under long‑term agreements, rather than owning multitenant properties such as shopping malls or office towers.
The portfolio represents a significant portion of Go Auto’s operating footprint and includes dealerships tied to a range of global automotive manufacturers. W. P. Carey said the sites sit along major retail and commercial corridors in markets where finding real estate for automotive dealerships is difficult to replace because of zoning limits, redevelopment pressures and rising land costs.
“This portfolio includes irreplaceable automotive real estate in highly sought‑after, supply‑constrained locations," said Boyd Borjiet, senior vice president of investments at W. P. Carey, in a statement.
The Go Auto deal also reflects how automotive real estate investment is moving both ways across the border with the United States. While New York‑based W. P. Carey, a long‑established player in sale‑leaseback real estate, is buying dealership properties north of the border, Canadian landlords also are pushing southward. Toronto‑based Automotive Properties REIT has been acquiring dealership and service properties in the United States to complement its Canadian portfolio.
The Go Auto acquisition follows other large portfolio deals by W. P. Carey in recent months. The REIT has remained active across North America and Europe, including a roughly $300 million purchase of a national portfolio of Life Time fitness clubs in the United States and a series of supermarket acquisitions in the United Kingdom involving Morrisons‑leased properties.
W. P. Carey is a real estate investment trust founded in 1973 by William P. Carey. As of year-end 2025, W. P. Carey owned more than 1,680 properties containing a total of about 183 million square feet across North America and Europe. Jason Fox has served as CEO since January 2018.
Go Auto is an Edmonton‑based automotive retail group founded in 1996. The company has grown into one of Canada’s largest dealership operators, with more than 70 locations across Western Canada and the United States representing 31 vehicle brands. Go Auto sells new and used vehicles and provides financing and aftersales services. Jared Priestner serves as its CEO.