BLF REIT announces its monthly distribution payable on February 17, 2014 and the sale of Ridgewood
BROSSARD, QC, Jan. 16, 2014 /CNW Telbec/ - BLF Real Estate Investment Trust ("BLF REIT") (TSXV: BLF.UN) announces a distribution of $0.0308 per unit to the registered holders of units as at January 31, 2014, payable on February 17, 2014.
BLF REIT also announces the sale of the five remaining undivided co-ownership units owned in the 3465-3475 Ridgewood property in Montréal for $560,000.
"The fair value of this asset was $418,000 in our September 30, 2013 financial statements so this sale will generate a gain of approximately $100,000 net of all transaction costs. Given that these assets were free of debt, the proceeds of the transaction will enable us to invest in renovation and strategic improvement projects of the existing assets and will create a great payback for our unitholders" said Mathieu Duguay, CEO.
About BLF REIT
The principal business of BLF REIT is acquiring, holding, developing, maintaining, improving, leasing, managing or otherwise dealing with income-producing multi-unit residential properties located throughout Québec. BLF REIT currently owns seven properties located in Greater Montréal, Sherbrooke and Québec City totaling 1,049 apartment units.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE BLF Real Estate Investment TrustFor further information:
Mr. Daniel Blanchette
Chief Financial Officer - BLF REIT
T (450) 766-2476