EX-99.1
2
v031867_ex99-1.htm
Capital Automotive
REIT
Press
Release
Entities
Advised By DRA Advisors LLC Complete Acquisition of Capital Automotive
REIT
MCLEAN,
Va., December 16, 2005 -- Capital Automotive REIT (Nasdaq: CARS)
(the
"Company") today announced that it has completed its previously announced merger
with Flag Fund V LLC and other entities advised by DRA Advisors LLC, pursuant
to
which CA Acquisition REIT, a wholly-owned subsidiary of Flag Fund V LLC,
merged
with and into Capital Automotive REIT, with Capital Automotive REIT continuing
as the surviving REIT, with all of its common shares owned by Flag Fund V
LLC.
Under the terms of the merger agreement, holders of Capital Automotive REIT's
common shares will receive $38.75 in cash, without interest, for each share
held. Blank
Rome LLP and Dewey Ballantine LLP provided legal counsel to DRA Advisors
LLC.
Latham & Watkins LLP and Pillsbury Winthrop Shaw Pittman LLP provided legal
counsel to Capital Automotive REIT.
Lehman
Brothers acted as the lead arranger and sole bookrunning manager for the
$2.2
billion new senior secured credit facility of the Company's subsidiary, Capital
Automotive L.P. Bank of America and Wachovia Bank acted as co-syndication
agents
for the facility.
About
Capital Automotive
Capital
Automotive, headquartered in McLean, Virginia, is a self-administered,
self-managed real estate investment trust. The Company's primary strategy is to
acquire real property and improvements used by operators of multi-site,
multi-franchised automotive dealerships and related businesses. Additional
information on Capital Automotive is available on the Company's website at
http://www.capitalautomotive.com.
About
DRA Advisors LLC
DRA
Advisors LLC is a New York-based registered investment advisor specializing
in
real estate investment management services for institutional and private
investors, including pension funds, university endowments, foundations and
insurance companies. Founded in 1986, the firm currently manages $8.0 billion
in
assets. Additional information about DRA can be found on its website at
http://www.draadvisors.com.
Contact
Information
David
S.
Kay
Senior
Vice President, Chief Financial Officer and Treasurer
CARS
Real
Estate Services, Inc.
703.394.1302

EX - 99 . 1 2 v031867 _ ex99 - 1 . htm Capital Automotive REIT Press Release Entities Advised By DRA Advisors LLC Complete Acquisition of Capital Automotive REIT MCLEAN , Va . , December 16 , 2005 -- Capital Automotive REIT ( Nasdaq : CARS ) ( the " Company " ) today announced that it has completed its previously announced merger with Flag Fund V LLC and other entities advised by DRA Advisors LLC , pursuant to which CA Acquisition REIT , a wholly - owned subsidiary of Flag Fund V LLC , merged with and into Capital Automotive REIT , with Capital Automotive REIT continuing as the surviving REIT , with all of its common shares owned by Flag Fund V LLC . Under the terms of the merger agreement , holders of Capital Automotive REIT 's common shares will receive $ 38.75 in cash , without interest , for each share held . Blank Rome LLP and Dewey Ballantine LLP provided legal counsel to DRA Advisors LLC . Latham & Watkins LLP and Pillsbury Winthrop Shaw Pittman LLP provided legal counsel to Capital Automotive REIT . Lehman Brothers acted as the lead arranger and sole bookrunning manager for the $ 2.2 billion new senior secured credit facility of the Company 's subsidiary , Capital Automotive L . P . Bank of America and Wachovia Bank acted as co - syndication agents for the facility . About Capital Automotive Capital Automotive , headquartered in McLean , Virginia , is a self - administered , self - managed real estate investment trust . The Company 's primary strategy is to acquire real property and improvements used by operators of multi - site , multi - franchised automotive dealerships and related businesses . Additional information on Capital Automotive is available on the Company 's website at http://www.capitalautomotive.com . About DRA Advisors LLC DRA Advisors LLC is a New York - based registered investment advisor specializing in real estate investment management services for institutional and private investors , including pension funds , university endowments , foundations and insurance companies . Founded in 1986 , the firm currently manages $ 8.0 billion in assets . Additional information about DRA can be found on its website at http://www.draadvisors.com . Contact Information David S . Kay Senior Vice President , Chief Financial Officer and Treasurer CARS Real Estate Services , Inc . 703 . 394 . 1302